South Korea to Create World's Largest Semiconductor Industry Cluster with Heavy Participation of Samsung System Companies

Update time : 2023-03-18 10:21:25

Yesterday, South Korea said it will attract private investment of up to 340 trillion won (about $261 billion) from other domestic companies such as Samsung Electronics (Samsung Electronics Co.) to create the world's largest semiconductor industry cluster near Seoul. We (Korea) already have the most advanced technology and production capacity in areas such as memory chips and OLED displays," said South Korean President Yoon Seok-yeol while presiding over an economic policy meeting on the same day, according to the president. The government must provide firm support for private sector investment to achieve further growth."
It is reported that the entire investment plan focuses on the six industries of chip (chips), display (displays), battery (batteries), biotechnology (biotech,), future cars (future cars) and robotics (robots), 340 trillion won investment is only a part of the total 550 trillion won investment mentioned by the Korean government. The 340 trillion won investment is only a part of the total 550 trillion won investment scale mentioned by the Korean government.
According to South Korea's Ministry of Trade, Industry and Energy (Ministry of Trade, Industry and Energy) said in a statement, the 550 trillion won projects planned for 2026 will be funded mainly by the private sector, while the government will provide tax incentives and fast regulatory approval. In January, the South Korean government proposed raising the tax credit rate from 8 percent to 15 percent for large companies investing in facilities for chips and other strategic technologies.
In May 2022, CNN.com reported that Samsung plans to spend more than $350 billion over the next five years, mainly on investments in core businesses such as chip manufacturing and biopharmaceuticals, and to create tens of thousands of new jobs. The bulk of the investment - 360 trillion won ($285 billion) - will be invested in South Korea.
According to Economic Times, the move to create the world's largest semiconductor cluster, which will include five new chip factories, will also attract more than 150 material, component and equipment manufacturers, fabless chip makers and semiconductor R&D institutions in the area around Seoul.
Samsung Electronics, Samsung Display and subsidiaries Samsung SDI and Samsung Electro-Mechanics are reported to have said they plan to invest 60.1 trillion won in the next 10 years outside the Seoul metropolitan area to develop chip packaging, display and battery technologies.
In addition to private investment, the South Korean government will propose a budget of 25 trillion won or more over five years for research and development of strategic technologies such as artificial intelligence. This year, South Korea will provide about 360 billion won for developing chip packaging, while about 100 billion won will be provided for industrial parks for the construction or renovation of hydroelectric infrastructure.

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