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South Korean authorities allocate $19 billion for development of semiconductor industry

23 May 2024 22:18 (UTC+04:00)
South Korean authorities allocate $19 billion for development of semiconductor industry

By Alimat Aliyeva

The South Korean government has announced the allocation of 26 trillion won ($19.1 billion) to support and develop the national semiconductor industry, Azernews reports.

The country's president Yun Seok-yel noted that 17 trillion won (12.5 billion dollars) will be allocated in the form of investments through the South Korean state Development Bank.

The remaining funds will be allocated in the form of tax incentives for Korean manufacturers and startups, as well as for employee training programs and the search for talented youth for the semiconductor industry in South Korea.

Experts note that the South Korean authorities announced support measures against the background of increased competition in the global semiconductor market from Chinese and American manufacturers, especially against the background of growing demand for technologies using artificial intelligence. The South Korean Ministry of Industry hopes that the new support measures will allow the country to increase its share of the global mobile processor market from the current 2% to 10%.

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