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 Seattle Bulletin 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 Seattle Bulletin.
More InformationIsrael resumed its military operation in the Gaza Strip on Friday with heavy bombardments. As strikes continue, the United States ...
LIVINGSTON, Kentucky: CSX railroad said that a failed wheel bearing on a train car caused a derailment on November 22 ...
HELSINKI, Finland: After Finland joined the North Atlantic Treaty Organization (NATO) earlier this year, hundreds of migrants from the Middle ...
CHISINAU, Moldova: Over the weekend, heavy snowfall and strong blizzards in Romania, Moldova and Bulgaria left one person dead and ...
WASHINGTON D.C.: After a House Ethics Committee report found substantial evidence that he broke the law, New York Republican representative ...
In a report by The New York Times, it has been revealed that Israeli officials had obtained a detailed battle ...
WASHINGTON D.C.: This week, the White House said that Senior Biden administration officials met with the makers of respiratory syncytial ...
CHEYENNE, Wyoming: This week, the Biden administration raised US$3.4 million from a sale of oil and gas drilling rights in ...
NEW YORK, New York - U.S. stocks extended their rally on Friday despite remarks by Federal Reserve Chair Jerome Powell ...
MOSCOW, Russia: Russia's trade in oil with India, one of the most lucrative oil trade routes since the imposition of ...
LONDON - Health experts and tobacco campaigners have strongly criticized New Zealand's decision to repeal laws that aimed to ban ...
NEW YORK, New York - The Dow Jones index was the standout on U.S. financial markets on Thursday with a ...