South Korea plans to invest US$450 to build world’s largest chip producing base

South Korea has just announced a semiconductor support plan: They will spend about 450 billion US dollars in the next ten years to build the world’s largest chip manufacturing base and compete with China and the United States for key global technologies.

Moon Jae-in said that by 2030, Samsung Electronics and SK Hynix will lead more than 510 trillion won in semiconductor research and production investment and serve as the umbrella for Korea’s most important economic industry. In addition, SK Hynix also promised to spend US$97 billion to expand existing equipment and plans to invest US$106 billion in building new factories.

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The South Korean Ministry of Trade, Industry, and Energy stated that semiconductors account for the largest share of South Korean exports. By 2030, chip exports are expected to double to US$200 billion.

In addition, South Korea hopes to invest in training 36,000 chip experts between 2022 and 2031, contribute 1.5 trillion won to chip research and development and will start discussions on legislation aimed at helping the semiconductor industry and other issues.


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