Robert Besser
18 Mar 2023, 16:40 GMT+10
SEOUL, South Korea: In line with the country's efforts to boost its chip industry, South Korea's Samsung Electronics said it will invest some $230 billion over the next 20 years to help develop what could be the world's largest chip-making base.
The investment is part of Seoul's strategy to expand tax breaks and support to raise the competitiveness of high-tech sectors, including for chips, displays and batteries.
Other countries are also boosting their domestic chip industries, including the US, which announced the details in February of its CHIPS Act that will offer billions of dollars in subsidies for chipmakers that invest in the country.
"The economic battlefield, which recently began with chips, has expanded, and countries are providing large-scale subsidies and tax support. We must support private investments to ensure further growth. The government must provide location, R&D, manpower, and tax support," said On Samsung Electronics President Yoon Suk Yeol, as reported by Reuters.
As well as private-sector investment, Seoul will provide massive financing over five years for R&D in strategic technologies, such as artificial intelligence, as well as for chip packaging, and in electricity and water infrastructure.
At the start of the year, the South Korean government said it could also increase the tax deduction rate for large corporations in the areas of facility investments in chips and other strategic technologies from 8 to 15 percent.
The home country of the world's two largest memory chip makers, Samsung Electronics and SK Hynix, South Korea also aims to become a major player in the non-memory chip sector, which is currently dominated by chip-makers Taiwan Semiconductor Manufacturing and Intel.
Get a daily dose of Santa Barbara Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Santa Barbara Post.
More InformationBy Reena BhardwajWashington [US], March 23 (ANI): More than 200 protesters waving Khalistan flags descended upon the Indian Consulate in ...
Nikola Jokic scored 31 points, grabbed 12 rebounds and passed for seven assists, and the Denver Nuggets held off a ...
The Los Angeles Clippers will be without All-Star forward Paul George when they wrap up their two-game set against the ...
WORLD CAPITALS, 22nd March, 2023 (WAM) -- Gold prices climbed on Wednesday after the U.S. Fed toned down its aggressive ...
ABU DHABI, 22nd March, 2023 (WAM) -- The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing ...
Jonathan Quick continues to climb the charts among the NHL's greatest goaltenders. The Vegas Golden Knights continue in their quest ...
MENINDEE, Australia: After recent floods and hot weather, millions of dead fish have washed up in southeastern Australia, which authorities ...
BOISE, Idaho: Under a bill passed by the Idaho Legislature thios with a veto-proof majority, the state will allow firing ...
SACRAMENTO, California: The state of California and generic drug manufacturer Civica have announced a 10-year partnership to produce affordable, state-branded ...
CHEYENNE, Wyoming: A Wyoming bill outlawing the use or prescription of medication abortion pills, which was passed by the state's ...
DENVER, Colorado: The Southern Nevada Water Authority has voted to accept a $2.4 million grant from the US Bureau of ...
WASHINGTON D.C.: The US government has reported that the exceptionally wet winter in California this year will offer relief from ...