Robert Besser
18 Mar 2023, 16:40 GMT+10
SEOUL, South Korea: In line with the country's efforts to boost its chip industry, South Korea's Samsung Electronics said it will invest some $230 billion over the next 20 years to help develop what could be the world's largest chip-making base.
The investment is part of Seoul's strategy to expand tax breaks and support to raise the competitiveness of high-tech sectors, including for chips, displays and batteries.
Other countries are also boosting their domestic chip industries, including the US, which announced the details in February of its CHIPS Act that will offer billions of dollars in subsidies for chipmakers that invest in the country.
"The economic battlefield, which recently began with chips, has expanded, and countries are providing large-scale subsidies and tax support. We must support private investments to ensure further growth. The government must provide location, R&D, manpower, and tax support," said On Samsung Electronics President Yoon Suk Yeol, as reported by Reuters.
As well as private-sector investment, Seoul will provide massive financing over five years for R&D in strategic technologies, such as artificial intelligence, as well as for chip packaging, and in electricity and water infrastructure.
At the start of the year, the South Korean government said it could also increase the tax deduction rate for large corporations in the areas of facility investments in chips and other strategic technologies from 8 to 15 percent.
The home country of the world's two largest memory chip makers, Samsung Electronics and SK Hynix, South Korea also aims to become a major player in the non-memory chip sector, which is currently dominated by chip-makers Taiwan Semiconductor Manufacturing and Intel.
Get a daily dose of Pennsylvania Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Pennsylvania Sun.
More InformationEDINBURGH, Scotland: Humza Yousaf, the first Muslim to lead a democratic western European nation, was sworn in as Scotland's new ...
WASHINGTON D.C.: Potentially hampering US efforts to arm Ukraine against Russia's invasion, rebuild local infrastructure and boost production, manufacturers of ...
WASHINGTON D.C.: After a series of high-profile incidents aboard US aircraft, several bipartisan lawmakers will again push for legislation to ...
HANOI, Vietnam: Tensions were again increasing off the coast of Vietnam as Hanoi ordered its navy to shadow a Chinese ...
In Warsaw last February, President Joe Biden condemned the lawless Russian invasion of Ukraine: "The idea that over 100,000 forces ...
TOKYO, Japan: Fears over intensifying Chinese military activity directed towards Taiwan could escalate into war have prompted Japan, the United ...
BERLIN, Germany: Reuters has reported that despite potentially higher interest rates, Germans are placing fewer deposits abroad, due to fears ...
WASHINGTON D.C.: The US and Japan have signed a trade memo on electric vehicle (EV) battery minerals.US Trade Representative Katherine ...
ST LOUIS, Missouri: The latest in a number of US cities to take action, St. Louis, Missouri, said this week ...
DUBLIN, Ireland: Bank of Ireland has announced that it has raised fixed mortgage rates following a cumulative 3.5 percent rate ...
NEW YORK, New York - U.S. stocks finished the third quarter with a bang on Friday. Despite a volatile start, ...
CUPERTINO, California: In a move aimed at disrupting the fintech sector dominated by Affirm Holdings and Sweden's Klarna, this week ...