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South Korea prepares support package worth over $7 billion for chip industry

Economic Times

Economic Times · 1y ago

South Korea prepares support package worth over $7 billion for chip industry

South Korea is preparing a support package worth over 10 trillion won ($7.30 billion) to boost chip investments and research in order to compete in the semiconductor industry. The package will target chip materials, equipment manufacturers, and fabless companies in the supply chain. The plan may include policy loans and the creation of a new fund financed by state and private financial institutions. South Korea is also constructing a large chip cluster in Yongin, aiming to become the world's largest high-tech complex. President Yoon Suk Yeol has pledged to dedicate all possible resources to excel in the chip industry.

Related News

South Korea unveils $23 billion support package for chips amid US tariff uncertainty

Economic Times

Economic Times · 4m ago

South Korea unveils $23 billion support package for chips amid US tariff uncertainty

South Korea has increased its support package for the semiconductor industry to 33 trillion won ($23.25 billion) to counter rising competition and policy uncertainty from the U.S. and China. This includes enhancing financial assistance to 20 trillion won. The move aims to support companies facing global competition costs, particularly as South Korea's semiconductor exports significantly impact its economy. The government will also consult with the U.S. over tariff investigations to protect domestic companies.

South Korea to roll out $10 billion in loans next year to support chip industry

Economic Times

Economic Times · 9m ago

South Korea to roll out $10 billion in loans next year to support chip industry

South Korea is planning to offer $10 billion in low-interest loans next year to support its chip industry, which is facing challenges from Chinese competition and uncertainties over the new US administration. The loans, to be disbursed through state-run banks, will also include financing for power transmission lines at a new chip complex. South Korea aims to attract chip equipment and fabless companies to the complex, seen as the world's largest high-tech chipmaking cluster. The move comes as the country anticipates changes in the global trade and industrial environment under the new US administration.

Elon Musk says Tesla, Samsung Electronics sign chip supply deal - The Economic Times

Economic Times

Economic Times · 1m ago

Elon Musk says Tesla, Samsung Electronics sign chip supply deal - The Economic Times

Tesla has signed a significant chip supply deal with Samsung Electronics, reportedly worth $16.5 billion, running through 2033. This partnership aims to support Samsung's struggling chip-making business while enhancing South Korea-U.S. tech relations amid trade discussions. The deal, which highlights a boost for Samsung amid competition from TSMC, is expected to help reduce losses in Samsung’s foundry business, crucial for its market position in advanced chip manufacturing.

Asia’s chip giants hustle to maintain their edge over the US

Livemint

Livemint · 1y ago

Asia’s chip giants hustle to maintain their edge over the US

The Wall Street Journal has published a series of articles delving into the global chip battle and the competition for leadership in the industry, which is expected to double in size to $1 trillion by the end of the decade. South Korea and Taiwan, both U.S. allies, are emerging as friendly competitors in the semiconductor sector, leveraging lower costs, faster construction times, and an established supply chain. While American companies excel in chip design, manufacturing has predominantly been in Asia. However, the U.S. aims to increase its chip production with additional funding and Intel's advancements. South Korea and Taiwan, on the other hand, remain strong in key areas like advanced logic chips and memory chips, respectively. Both countries have implemented government support programs to enhance their industries.

South Korea asks US to resolve chip trade issues as chipmaking import waiver nears expiry

Economic Times

Economic Times · 1y ago

South Korea asks US to resolve chip trade issues as chipmaking import waiver nears expiry

South Korea has asked the United States to address uncertainties related to export controls and subsidies for chip investment. The country's industry minister met with a US deputy secretary of commerce in Seoul to discuss the matter. The waiver that allowed Samsung Electronics and SK Hynix to import US chip-making equipment into China is set to expire next month, and it remains uncertain whether it will be extended. South Korea seeks active cooperation from the US to resolve these issues. Samsung and SK Hynix collectively dominate global DRAM and NAND flash markets.

Meta's Zuckerberg in South Korea, expected to discuss AI

Reuters · 1y ago

Meta's Zuckerberg in South Korea, expected to discuss AI

Meta CEO Mark Zuckerberg has arrived in South Korea for talks on artificial intelligence (AI) and meetings with President Yoon Suk Yeol and leaders of tech companies. This visit is part of Zuckerberg's tour of Asian countries where he aims to ramp up Meta's AI efforts, including the development of a custom chip and integrating AI functions into products. Discussions will focus on AI chip supply and expanding generative AI ecosystems. This visit marks Zuckerberg's first known trip to South Korea in 10 years. Meta plans to deploy a new custom chip in its data centers and secure 350,000 GPUs from Nvidia to support its AI push.

South Korea vows to prevent technology leaks with heavier penalties

Economic Times

Economic Times · 10m ago

South Korea vows to prevent technology leaks with heavier penalties

South Korea is taking steps to prevent leaks of business secrets to foreign competitors. The government plans to establish a big data system to prevent technology leaks at the patent agency and introduce stricter regulations for culprits. In the past five years, there have been 97 attempts to leak business secrets, with a focus on the semiconductor industry. The National Intelligence Service estimates that successful leaks would result in a loss of approximately $16.85 billion to the country. South Korea has designated 12 industries as national strategic technologies, providing financial support and protection to compete globally.

South Korea to provide $29 billion to support battery industry over five years

Economic Times

Economic Times · 1y ago

South Korea to provide $29 billion to support battery industry over five years

South Korea has announced plans to provide 38 trillion won ($29 billion) in financing over the next five years to bolster its battery industry. The country aims to strengthen its position in the global battery market, which is fiercely competitive in terms of securing supply chains. South Korean battery companies like LG Energy Solution, Samsung SDI, and SK On currently hold a 49% share of the global battery market (excluding China). The government plans to offer tax incentives, loan support, and financial assistance to companies investing in mining rights, refining minerals, and expanding overseas.

Japan approves $3.9 billion in subsidies for chipmaker Rapidus

Economic Times

Economic Times · 1y ago

Japan approves $3.9 billion in subsidies for chipmaker Rapidus

Japan's industry ministry has approved subsidies worth up to $3.9 billion for chip foundry venture Rapidus, as part of efforts to rebuild the country's chip manufacturing base. The funding includes support for advanced packaging, which is crucial for improving chip performance. Rapidus aims to start mass production of cutting-edge chips in partnership with IBM and Imec by 2027. The move comes as countries worldwide seek to strengthen their control over chip supply chains in the wake of global shocks like the COVID-19 pandemic and trade tensions between the US and China. However, some industry experts remain sceptical about Rapidus' potential for success.

India's Gujarat in talks with chipmakers in Japan, US, South Korea

Reuters · 1y ago

India's Gujarat in talks with chipmakers in Japan, US, South Korea

Gujarat state in India is in discussions with semiconductor companies from Japan, South Korea, and the United States for potential investments. The Chief Minister of Gujarat, Bhupendra Patel, revealed this ahead of the Vibrant Gujarat Global Summit, where initial investment agreements worth $86 billion have already been signed with 58 companies.

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