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"War" for chips: South Korea plans to build the world's largest megacluster for chip construction

Darina GertsevaNews
South Korea prepares $7 billion package for chip industry
South Korea prepares $7 billion package for chip industry. Source: Freepik

South Korea has announced a package of measures worth more than 10 trillion won ($7 billion) to support the chip industry, aimed at strengthening the position of chipmakers and building the world's largest megacluster. These measures include the creation of financial instruments, lending, and investment support, which demonstrates a strategic approach in the fight for leadership in the semiconductor industry.

This was stated by South Korean Finance Minister Choi Sang-mok, Reuters reports. South Korea is actively deploying large-scale measures to support and develop its own chip industry, investing more than 10 trillion won (about $7.30 billion) in investment and research programs.

Minister of Finance Choi Sang-mok emphasized that the government intends to make public all the details of this package of measures aimed at supporting chipmakers and related companies throughout the semiconductor supply chain. Various initiatives may be introduced under this program, including the provision of loans and the creation of new funds financed by both public and private financial institutions.

It is also planned to build a mega-cluster for the production of microchips, which should become the largest in the world, south of the country's capital, Seoul. President Yun Seok-yeol has promised to allocate all possible resources to win the "war" for chips, promising tax incentives for investments.

As OBOZ.UA reported earlier, South Korea will tighten export controls over Russia and Belarus. We are talking about high-priority technological goods, including chips and those that can potentially be used for military purposes.

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