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

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Korea,To,Set

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.

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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