South Korean Authorities Allocate $19 Billion For Development Of Semiconductor Industry
Date
5/23/2024 3:11:58 PM
(MENAFN- AzerNews) By Alimat Aliyeva
The South Korean government has announced the allocation of 26trillion won ($19.1 billion) to support and develop the nationalsemiconductor industry, Azernews reports.
The country's president Yun Seok-yel noted that 17 trillion won(12.5 billion dollars) will be allocated in the form of investmentsthrough the South Korean state Development Bank.
The remaining funds will be allocated in the form of taxincentives for Korean manufacturers and startups, as well as foremployee training programs and the search for talented youth forthe semiconductor industry in South Korea.
Experts note that the South Korean authorities announced supportmeasures against the background of increased competition in theglobal semiconductor market from Chinese and Americanmanufacturers, especially against the background of growing demandfor technologies using artificial intelligence. The South KoreanMinistry of Industry hopes that the new support measures will allowthe country to increase its share of the global mobile processormarket from the current 2% to 10%.
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