S.Korea president announces record $19bn plan to boost chip industry

South Korean President Yoon Suk Yeol on Thursday announced a record $19-billion-dollar support plan for the country’s crucial semiconductor industry.

South Korea is home to the world’s top memory chipmakers Samsung Electronics and SK hynix and last year pledged to build the world’s largest chip centre using $456 billion of private investment as it seeks an edge in the global industry.

“We have created a comprehensive support programme for the semiconductor industry worth 26 trillion Korean won, which encompasses financial, infrastructure, research and development, as well as support for small and medium-sized companies,” he said, according to a statement from his office.

Source: TRADE FINANCE