South Korea is gearing up to roll out a support package exceeding $7 billion to bolster its chip industry.

 South Korea is gearing up to roll out a support package exceeding $7 billion to bolster its chip industry.

 South Korea is gearing up to unveil a support package aimed at boosting chip investments and research, totaling over 10 trillion won (equivalent to $7.30 billion). Finance Minister Choi Sang-mok shared this plan on Sunday, emphasizing the nation's determination to excel in the semiconductor industry. He mentioned that the package will cater to various segments of the semiconductor supply chain, including chip materials, equipment manufacturers, and fabless companies. Stay tuned for more details as the government finalizes the announcement.

 Choi shared with executives of local chip equipment makers that the program may feature policy loans and the establishment of a new fund, supported by both state and private financial institutions. This move is part of South Korea's proactive stance in fortifying its semiconductor industry. Additionally, the country is constructing a massive chip cluster in Yongin, just south of Seoul, claiming it to be the world's largest high-tech complex. President Yoon Suk Yeol has pledged to spare no effort in securing victory in the chip industry "war," even offering tax incentives to spur investments. Stay tuned for more updates on these exciting developments.