BUSAN < invest Korea

According to Newsis News,

(BUSAN=Newsis News) Busan will launch a project to foster the power semiconductor industry as a future growth engine in cooperation with the Ministry of Trade, Industry and Energy.

Busan Metropolitan City announced that its project to nurture the power semiconductor business was selected by the Ministry of Strategy and Finance for preliminary feasibility study December last year, and finally chosen as a national project on November 30 after feasibility validation conducted from January this year by the Korea Institute of Science Technology Evaluation and Planning (KISTEP).

Demand for power semiconductors is expected to grow rapidly in new energy industries such as wind power and solar power as well as industries related to environment-friendly vehicles such as electric cars and hydrogen cars, and hybrid cars.

Growth of silicon carbide (SiC) and gallium nitride (GaN) based compound semiconductors, which can reduce the size of power supplies and increase energy efficiency compared to conventional silicon (Si) chips, is emerging as a key trend in the power semiconductor market.

Busan's proposal has been approved after re-planning the project focusing on compound semiconductors.

Busan is regarded as the best place for the power semiconductor business in the Southeast region as the city's well-established automobile, shipbuilding, and heavy electric equipment businesses create high demand for power semiconductors.

The southern port city plans to turn an industrial complex for radiology and medicine in Gijang County into a business hub of the power semiconductor industry.

The project will be injected with KRW 83.65 billion (KRW 54.32 billion by central government, KRW 15.33 billion won by local government, and KRW 14 billion by private sector) for seven years from next year to 2023.

"We expect the project will play a significant role in invigorating the regional economy by creating 1,700 jobs and generating KRW 780 billion won in production inducement and KRW 240 billion won in added-value inducement,' an Busan city official said.

heraid@newsis.com

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