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 Pakistan Telegraph 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 Pakistan Telegraph.
More InformationEL PASO, Texas: Over the weekend, Oscar Leeser, Mayor of El Paso, said that the surge in migrants crossing the ...
HONG KONG: This week, Ronson Chan, chairman of the Hong Kong Journalists Association, was sentenced to five days jail for ...
WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...
As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...
OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...
NEW YORK, New York - Easing pressure on U.S. Treasury yields boost stocks on American markets Thursday. Gains however were ...
DEARBORN, Michigan: Due to concerns about its ability to operate competitively while it is locked in broader union contract negotiations, ...
OTTAWA, Canada: As part of its plan to capitalize on strong travel demand and deploy fuel-efficient airplanes, this week, Air ...
LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...
NEW YORK, New York - U.S. stocks remained on a slippery slope on Wednesday as interest rates continued to hover ...
SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...