By Christian George
A renowned tech firm, Samsung Electronics has concluded plans to add up five chipmaking base as well as invest $230 billion in South Korea.
This was a private-sector investment plan unveiled by the government on Wednesday, reiterating that it is an effort towards making the country world’s largest chip-making base, in line with efforts to boost the national chip industry.
South Korea president, Yoon Suk Yeol, said “the economic battlefield, which recently began with chips, has expanded … countries are providing large-scale subsidies and tax support,” adding that we “must support private investments to ensure further growth … the government must provide location, R&D, manpower, and tax support.”
According to Gadget360, the plans came as other countries introduce steps to bolster domestic chip industries, including the United States which last month released details of its CHIPS Act, offering billions of dollars in subsidies for chipmakers that invest in the country.
The South Korea tech giant will include five chip factories and attract up to 150 materials, parts and equipment makers, fabless chipmakers and semiconductor research-and-development organisations near Seoul.
