South Korea unveils Support Plan to boost Semiconductor Ecosystem
25. July 2024South Korea has unveiled a comprehensive support plan aimed at bolstering its semiconductor ecosystem, announced at the recent Economic Ministers’ Meeting. This initiative is designed to enhance the country’s competitiveness in the global semiconductor market, building on a previously outlined support direction of 26 trillion won. Products and components relevant to semiconductors and related products usually require KCs certification in order to be approved for import and sale in Korea.
Key elements of the plan include the launch of an 18.1 trillion won financial support program for semiconductor companies starting next month. By 2027, the government aims to invest up to 2 trillion won into the Korea Development Bank, establishing a 17 trillion won low-interest loan program. Large companies will benefit from preferential interest rates between 0.8-1.0%, while SMEs will receive rates between 1.2-1.5%. Additionally, a new semiconductor ecosystem fund will be created, expanding to 1.1 trillion won by 2027, with equity investments in materials, parts, and fabless companies beginning next month.
Further measures include extending the national strategic technology tax credit application period by three years and expanding its scope to include advanced semiconductor technologies. From 2025 to 2027, 5 trillion won will be invested in R&D, commercialization, and workforce development. Infrastructure improvements, such as roads, water supply, and electricity for semiconductor clusters, will be prioritized. The government’s extensive investment underscores the strategic importance of the semiconductor industry for national security and economic growth.
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