Seoul, Mar. 15 (BNA): South Korea will set up the world’s largest semiconductor cluster in Seoul by attracting investments worth 300 trillion won (US$229.81 billion) as part of efforts to secure a competitive advantage in the sector, the Ministry of Industry said.
The government’s sweeping plan to promote six major industries — chips, displays, secondary and vital batteries, future vehicles and robotics — which also called for corporate investment of 550 trillion won by 2026, according to the Ministry of Trade, Industry and Energy.
Yonhap reports that the envisioned semiconductor cluster will be established in Gyeonggi Province, which is expected to include five advanced chip manufacturing facilities and about 150 fabulous materials, parts and businesses by 2042.
The new complex is located near the existing chip facilities operated by Samsung Electronics and SK hynix Inc.
In addition to a number of spare parts and equipment companies, and fabless companies, so that the country can have the world’s largest semiconductor mega-assembly according to the plan, the ministry said.
President Yoon Seok Yul announced the plan while presiding over an economic policy meeting.
He said that we already possess world-class technological and production capabilities in many areas, such as memory chips and OLED screens.
He added that the government must strongly support private sector investment to achieve further growth.
Yun said the government will also build 14 national advanced industrial parks spanning a total area of more than 33 million square meters outside the metropolitan area in a bid to nurture the aerospace, future vehicle and hydrogen industries.
The government also seeks to invest 3.2 trillion won by 2030 in developing next-generation semiconductor technologies needed for power generation, vehicles, and artificial intelligence, among others.
The ministry said it also aims to nurture 10 Fables companies with annual sales of more than 1 trillion won by expanding support for the production of their prototypes.
NAA