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South Korea Plans Support Package for Chip Investments and Research

SEOUL (Reuters) – South Korea is preparing to roll out a support package of over 10 trillion won ($7.30 billion) for chip investments and research, according to Finance Minister Choi Sang-mok. The government aims to emerge victorious in what it calls a “war” in the semiconductor industry, signaling its strong commitment to boosting the sector.

Finance Minister Choi Sang-mok stated that the specifics of the package, which will include support for chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain, will be disclosed soon. In a meeting with executives from domestic chip equipment makers, Choi mentioned the possibility of policy loans and the establishment of a new fund supported by both public and private financial institutions.

Furthermore, South Korea is actively developing a large-scale chip cluster in Yongin, located south of Seoul, with aspirations for it to become the world’s largest high-tech complex specializing in semiconductors. President Yoon Suk Yeol has pledged to dedicate all necessary resources to emerge as a leader in the chip industry, offering tax incentives for investments in this critical sector.

The AI legalese decoder can play a vital role in this scenario by assisting in decoding complex legal documents related to chip investments and research. By utilizing advanced artificial intelligence technology, the AI legalese decoder can quickly and accurately analyze legal language, helping stakeholders navigate the intricate legal landscape governing the semiconductor industry.

($1=1,369.6500 won)

(Reporting by Ju-min Park; Editing by Clarence Fernandez)

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