April 15 news, the South Korean government announced today that it will increase the support plan for the country’s critical semiconductor industry to 33 trillion Korean won (approximately 169.686 billion RMB at current exchange rates), a rise of about a quarter compared to the 26 trillion won support plan announced in 2024.
In a statement, the South Korean government said that the expansion of support is in response to industry calls and is aimed at addressing the current uncertainty surrounding U.S. government policies and the increasing competition from Chinese rivals. In a joint statement released by multiple government departments, South Korea also plans to raise its financial aid program for the semiconductor industry from the previous 17 trillion won to 20 trillion won (approximately 102.84 billion RMB at current exchange rates).
South Korea is the fourth-largest economy in the world, home to the world’s top memory chip manufacturers, Samsung Electronics and SK Hynix. However, these two companies have fallen behind some competitors in areas such as chip design and foundry chip manufacturing. According to data from the South Korean government, the total value of semiconductor exports from South Korea reached 141.9 billion U.S. dollars in 2024, accounting for 21% of South Korea’s total exports. Of this, semiconductor products exported to China were worth 46.6 billion U.S. dollars, while those exported to the United States amounted to 10.7 billion U.S. dollars.
Source: South Korean Government Public News
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