South Korea announced on Tuesday an increase in its support package for the vital semiconductor industry of the country to 33 billion wones ($ 23.25 billion), approximately a quarter of a 26 billion gate packet presented last year.
The measures are produced in response to the calls to the government that expand support at a time of growing political uncertainty under the current administration of the United States and the growing competence of Chinese rivals, the government said in a statement.
Seoul will also increase a financial assistance program for the chips industry to 20 billion Wones, compared to the 17 billion previous wones, according to the joint declaration of several mining companies, including the Ministry of Commerce.
The decision of South Korea to pump more money to its key chips sector is designed to help companies face heavier costs, since they compete worldwide, he said.
The fourth largest economy in Asia is home to the main memory chips manufacturers in the world, Samsung Electronics and SK Hynix, although they have been left behind some rivals in areas such as chip design and the manufacture of contract chips.
In 2024, exports of South Korea semiconductors were $ 141.9 billion, representing 21% of the country’s total, according to government data.
Shipments to China and the United States were $ 46.6 billion and $ 10.7 billion, respectively.
The president of the United States, Donald Trump, said Sunday that he would announce the rate rate in semiconductors imported during the next week, added that it would be flexibility with some companies in the sector.
At a meeting held on Tuesday after the announcement, the Minister of Finance, Choi Sang-Mok, said the government would consult Acty with the USA. Uu. On their investigations in section 232 on imports of semiconductors and biopharmaceuticals to minimize any advertising company.
Last week, South Korea announced emergency support measures for its automotive sector, seeking to reduce the coup of US tariffs on a sector that has seen Sears of abruptly growing exports to the United States.
The measures include financial support for the automotive industry, as well as tax cuts and subsidies to boost domestic demand, while the Government also promised efforts to negotiate with the US. UU. And help expand markets. ($ 1 = 1,419,1700 cattle)
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