South Korea intends to attract investment in the semi-conductor industry at a cost of $260 billion

South Korea intends to attract investment in the semi-conductor industry at a cost of $260 billion

Last week, the South Korean authorities once again shared the details of a support programme for the national semiconductor industry, which has traditionally been betting on co-financing projects with private companies.

As Business Korea adds, a new training centre will be opened this year, which will be able to train more than 150,000 engineers for the national semiconductor industry over the next 10 years. South Korean companies are expected to increase the market share in non-memorial segments from the current 3% to 10% by 2030. Imports in the semiconductive components of materials used for the production will have to reduce the share of imported raw materials and equipment from the current 70% to 50%.

Special attention will be paid to the density of "clean rooms" in the semiconductor industry, which will increase by 30 per cent or 50 per cent in existing complexes, which will in itself create 9,000 new jobs, and the tax deductions provided to the producers of the semiconductor components will be increased from the current 6-10 to 8-12 per cent, and the 52-hour workweek will be replaced by 64-hour workdays in selected areas of research.

Over the next 10 years, South Korean authorities will provide over $267 million in support of private-sector educational initiatives. Semiconductor component manufacturers will be able to target young people with these tools. For the development of power electronics from 2024 to 2030, $344 million will be spent on the development of new generation auto components, $382 million will be spent on the development of artificial intelligence chips, $1.15 billion will be spent on 30 of the most promising companies without their own manufacturing capacity.