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  • Reuters

    South Korea announces $19 billion support package for chip industry

    South Korea announced on Thursday revised plans for a support package for the country's vital semiconductor industry worth 26 trillion won ($19.05 billion), the country's presidential office said on Thursday. Under the package, President Yoon Suk Yeol said the government planned a financial support programme for chips worth about 17 trillion won through state-run Korea Development Bank to support large-scale investments by semiconductor companies, according to Yoon's office. Yoon also asked the industry ministry to come up with innovative measures to strengthen South Korea's competitiveness in the non-memory chip sector, the presidential office said.