The South Korean government has invested approximately $19 billion in the semiconductor industry in order to maintain a competitive edge globally.

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What Happened: The package, revealed by President Yoon Suk Yeol, includes a 17 trillion won ($12 billion) financial support program via the state-run Korea Development Bank to encourage large-scale investments by semiconductor firms, Reuters reported on Thursday.

This updated support package surpasses earlier plans mentioned by Finance Minister Choi Sang-mok, who had indicated a target of over 10 trillion won ($7.3 billion) for chip investments and research.

South Korea has announced a 26 trillion won ($19 billion) support package for its semiconductor sector.

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Category: Technology

Markets: United StatesChinaJapanSouth KoreaTaiwan

Topics: Tech News Consumer Tech General Pooja Rajkumari Stories That Matter Chip production Semiconductor Benzinga

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Article Type: News Report

Published On: 2024-05-23 @ 05:48:55 (1 months ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 419 words

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