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South Korea to set up $7-billion aid package for chip industry

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Semiconductors,South Korea

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.

SEOUL, South Korea —

The $7.2-billion package could be created through "a new fund financed by private and public financial institutions", Choi told executives of domestic chip makers at a meeting on Friday according to the statement, with further details to be announced. Semiconductors are Seoul's leading export and hit $11.7 billion in March, their highest level in almost two years, accounting for a fifth of South Korea's total exports, according to figures released by the trade ministry.

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South Korea prepares support package worth over $7-B for chip industrySouth Korea is readying plans for a support package for chip investments and research worth more than 10 trillion won ($7.30 billion), the finance minister said on Sunday, after setting its sights on winning a 'war' in the semiconductor industry.
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