Thu. Jul 18th, 2024

The government of South Korea is investing 13 billion dollars in the production of semiconductors

Natasha Kumar By Natasha Kumar Jun26,2024

South Korean government to invest $13 billion in semiconductor production

Starting in July, the South Korean government will initiate an investment program worth 18 trillion won ($12.94 billion) to facilitate financing for semiconductor companies. “Economic truth” writes about with reference to The Chosun Daily.

Financial support includes large-scale financing for semiconductor companies, the extension of soft loans for three years, and 3.6 billion dollars in investment in research and human resource development until 2027.

< p>The government plans to invest in the Korea Development Bank to create a 17 trillion won ($12.22 billion) low-interest loan program by 2027, with lending due to begin next month.

The government announced a support package for meeting of ministers of economy on June 26. The plan details a comprehensive support package worth 26 trillion won announced by President Yoon Suk-yeol last month.

It is designed to support the semiconductor industry amid increased global competition.

The financial support program will begin next month. , offering preferential lending rates from 0.8% to 1% for large companies and from 1.2% to 1.5% for small and medium-sized companies.

It is noted that in addition to this, the government is also working on extending for three years of tax credits for the development of national strategic technologies.

This list of national strategic technologies may also include the production of semiconductors in the future, it was reported at the meeting.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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