UPDATED. 2024-06-21 07:30 (금)
South Korea to expand financial support for chip companies
South Korea to expand financial support for chip companies
  • Noh Tae Min 기자
  • 승인 2024.05.24 09:19
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State bank to form program worth 17 trillion won
Image: TheElec
Image: TheElec

South Korea will provide expanded financial support to local chip companies to bolster the domestic semiconductor value chain.

South Korean President Yoon Suk Yeol said during a meeting held at the Yongsan Presidential Office on Thursday that the government has come up with a program to foster the local chip industry worth 20 trillion won.

Under this program, the Industrial Bank of Korea will first create a financial support program worth 17 trillion won for chip companies.

Yoon also said the government is planning to speed up the formation of the so-called Semiconductor Mega Cluster currently being formed in southern Gyeonggi Province, south of the capital Seoul.

The President said the government will react quickly to infrastructure needs such as water and electricity.

South Korea’s Deputy Prime Minister Choi Sang-mok specified later that the program was worth a total of 26 trillion won.

The state-owned bank will offer loans worth 17 trillion won with favorable interest rates. A separate semiconductor fund that was originally planned to be worth 300 billion won has been also expanded to 1.1 trillion won.

The Cluster originally had a 7-year construction plan but this will be halved, Choi also noted. 

The remainder of the 26 trillion won will be investments into fostering researchers in the semiconductor field.

South Korean chipmakers Samsung and SK Hynix welcomed the announcement, saying they needed continuous government support.

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