South Korea to set up $7B aid for chip industry

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South Korea to set up $7B aid for chip industry
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SEOUL – South Korea will set up an aid package worth more than $7 billion to support its chip industry, the finance ministry said Sunday, as part of its drive to boost its critical semiconductor sector.

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This initiative follows its pledge last year to build the world's largest chip center using $240 billion of private investment, primarily from Samsung Electronics, the world's largest memory chip maker, as it seeks an edge in the global industry.

It comes as Asia's fourth-largest economy aims to invest heavily in six key technologies, including chips, displays and batteries, all areas where the country's tech giants are well-established already.South Korea is home to two of the world's largest memory chip makers: Samsung Electronics and SK Hynix.Semiconductors are Seoul's leading exports, and they hit $11.

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