South Korea said it aims to increase the share of local enterprises in the global non-storage semiconductors market from 3% to 10% by 2030, reducing the reliance on imported materials, components and equipment from 70% to 50%.

As reported by Business Korea, the government will enlarge the tax break for semiconductor development and infrastructure investment. The tax deduction rate for infrastructure investment for large firms will increase from 6-10% to 8-12%. The government is also looking at establishing a training center for semiconductor engineers this year to provide at least 150,000 people over ten years to bolster the semiconductor labor force.

The government revealed that the volume of semiconductor production hubs would be enhanced from 350% to 490%, increasing the clean room facilities in Pyeongtaek and Yongin from 12 to 18 and 9 to 12, respectively,  expecting to create 9,000 jobs.

Additionally, South Korea will also spend 450 billion and 500 billion won on feasibility studies on the development of power and auto chips from 2024 to 2030, 1.25 trillion won to develop artificial intelligence chips in the next seven years, and 1.5 trillion won to invest in 30 promising fabless semiconductor companies.

Source from ijiwei