South Korea to invest $7.3 billion in chip industry

South Korea intends to prepare plans for a support package for investments in the field of chips and research worth more than $7.3 billion.

According to Korean Finance Minister Choi Sang-mok’s statements today, the government will soon announce details of the package, which targets chip materials, equipment makers, and conductor companies across semiconductor supply chains.

The Minister of Finance explained that the program may include establishing a new fund financed by the state as well as private financial institutions.

South Korea is building a huge chip complex in Yongin, which it describes as the largest high-tech complex in the world.

The South Korean President pledged to pump all possible resources into winning the “war” in chips, pledging tax benefits for investments.