Since the beginning of this year, the South Korean government has continuously issued important policies to support industrial development. On Thursday, South Korean Finance Minister Hong Nanji said he was planning to set up a 500 billion won (US $448 million) fund to support R & D and facility investment in the next generation of automobile industry.
"it is necessary to take the lead in the next-generation automobile and related parts market," Hong Nanji said at a government meeting, according to Yonhap news agency. He said the government plans to help about 1000 auto parts manufacturers become major suppliers of the next generation of cars by 2030.
The next generation of Korean automobile industry mainly focuses on self-driving vehicles and hydrogen fuel cell electric vehicles ((FCEV)). South Korean carmakers are speeding up development and production schedules. However, due to the lack of technology and manpower, local auto parts manufacturers have been struggling to cope with the trend of industrial transformation.
In addition, Hong Nanji also said that the government will promote the preliminary feasibility study of key projects to promote the development of the chip manufacturing industry.
In May this year, South Korean President Moon Jae-in said that the government would plan the world's largest semiconductor industry supply chain, the "K-Semiconductor Industry Belt", in Gyeonggi Province and Chung Ching do. At the same time, South Korea plans to provide tax breaks and subsidies to chipmakers to encourage about 153 semiconductor companies, including Samsung Electronics and SK Hynix, to invest a total of 510 trillion won by 2030.
At present, South Korea occupies an absolute advantage in the field of memory chips, but relatively lags behind in non-memory chips. South Korea strives to become a power in integrated semiconductors by 2030.
