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South Korea Unveils $19 Billion (26 Trillion Won) Support Package for Chip Industry, Benefiting Samsung and SK Hynix

May 23, 2024, 03:40 AM

South Korea has announced a record 26 trillion won ($19 billion) support package aimed at bolstering its semiconductor industry. The package includes 17 trillion won allocated for large-scale capital expenditures. This initiative is designed to strengthen the competitive edge of major industry players such as Samsung and SK Hynix amid global chip shortages. The move is expected to help these companies stay ahead in an increasingly competitive market. The industry ministry has been asked to strengthen the country's non-memory chip sector.