South Korea Expands Chip Industry Support Plan to $23 Billion
South Korea announced on Tuesday that it will increase its support for the country's crucial semiconductor industry to 33 trillion won (approximately $23.25 billion), a rise of about one-quarter from the 26 trillion won announced last year. The South Korean government stated in a statement that these measures are in response to calls for expanded support amid increasing policy uncertainties in the US government, among other factors. According to a joint statement from multiple departments, including the Ministry of Trade, Industry and Energy, South Korea will also increase its financial aid plan for the chip industry from the previous 17 trillion won to 20 trillion won. South Korea's decision to inject more funds into its critical chip industry aims to help companies cope with rising costs in global competition.
