South Korea to Deploy $3.5 Billion Fund for Semiconductor Industry
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South Korea will deploy a fund of 5 trillion won (about $3.52 billion) to boost the semiconductor industry. The resources will be allocated to materials, components, equipment, and 'fabless' companies in the chip sector, according to a presidential spokesperson. Additionally, the government will provide another 5 trillion won in commercial financing for suppliers, as stated by Chief of Staff Kang Hoon-sik. These measures are part of the chip mega-project initiative presented in June by the Lee administration, which projects investments exceeding $576 billion from giants like Samsung Electronics and SK Hynix. Kang indicated that a new semiconductor fund worth 5 trillion won will be created, focusing on promising companies in materials, components, and equipment. A program worth 1 trillion won, lasting 10 years, will also be implemented to support cooperation between large companies and smaller suppliers in the development and production of semiconductors. Kang stated that efforts will be made to have the Parliament approve a Mega-Special Zones Act before the end of the year to expedite permits and infrastructure construction. President Lee Jae Myung urged the Ministry of Defense to relocate operations from the Gwangju military airbase by mid-2028, facilitating the construction of the new semiconductor industrial hub.
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