Invest KOREA

According to Yonhap News,

(SEOUL=Yonhap News)South Korea plans to expand investment in research and development (R&D) of key future technologies, such as system semiconductors, as part of the country's key digital policy projects, a senior government official said Tuesday.

Without elaborating on the amount of the investment, First Vice Finance Minister Lee Eog-weon said the country will focus on sharpening its competitive edge in new industries, including artificial intelligence (AI) semiconductors and super high speed computers.

South Korea is a powerhouse of memory chips, led by Samsung Electronics Co., the world's largest memory chip maker, and its smaller rival SK hynix Inc. But they have relatively lagged in developing non-memory chips, including system semiconductors.

Lee said the government will support the country's chipmakers to help them continue to take the lead in the memory chip segment.

The move is part of the government's key digital New Deal initiatives, which call for the country to invest 58.2 trillion won (US$52 billion) to develop key future technologies by 2025.

Last month, the government unveiled a plan to provide tax incentives and subsidies to chipmakers to encourage them to spend a combined 510 trillion won by 2030 as the country seeks to become a global powerhouse for both memory and non-memory chips.

sooyeon@yna.co.kr

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Source: Yonhap News (June 15, 2021)