South Korea's Ministry of Trade, Industry and Energy said on Thursday that it plans to provide more tax breaks and abolish more regulation for domestic chipmakers, in line with South Korea's vision of becoming a global semiconductor power in storage and systems.
It is reported that South Korea is planning to introduce legal amendments to encourage investment in major R & D projects and facilities in the chip industry.
This is also the follow-up measure of the blueprint of "K-Semiconductor Industry Belt" announced by South Korea, that is, expanding tax concessions and deregulation. It is reported that the proposed bill will be submitted to Parliament before September.
In May this year, the South Korean government announced a strategic plan aimed at achieving the goal of a comprehensive semiconductor power, and to build the world's largest semiconductor industry supply chain, the "K-Semiconductor Industry Belt", by 2030.
According to the plan, the South Korean government will provide a package of support for relevant chip manufacturers, such as tax relief, expansion of finance and infrastructure, and so on. Samsung Electronics, SK Hynix and other companies are expected to invest 510 trillion won (about 3 trillion yuan) in the next 10 years. South Korea plans to double its chip exports from $99.2 billion in 2020 to $200 billion by 2030.
