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South Korea Government Relies on Investment to Boost the Country’s Technological Industry
Samsung announced that it plans to make a series of investments totaling US$ 230 billion over the next 20 years to promote semiconductor chip manufacturing. With this investment, the South Korean company aims to build the largest semiconductor chip factory in the world.
According to Adrenaline, the plan was presented by Samsung this Wednesday (15), in response to increased competitiveness in other countries, such as India and the United States. These countries have begun to offer tax exemptions to attract significant investments in the semiconductor chip industry. Thus, the South Korean government relies on these expenditures to boost the country’s technological industry.
150 Semiconductor Chip Companies Are Expected to Be Attracted by the Investments
According to the current exchange rate, the invested amount is equivalent to about R$ 1.2 trillion and will allow Samsung to fulfill its plan to build five new chip production units. According to the South Korean government, the amount spent will ensure that around 150 new companies from the materials, chip manufacturing equipment, and research sectors are attracted to the country.
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Other subsidiaries of the tech giant, such as Samsung Display and Samsung SDI, plan to invest KRW 60.1 trillion over the next 10 years to contribute to technological advancements in displays and batteries. The amount to be invested by other sectors of Samsung is equivalent to about R$ 238 million, considering the current exchange rate of the South Korean Won, the official currency of South Korea.
About US$ 19.17 Billion Will Be Invested by the South Korean Government in Research and Development
The South Korean government disclosed a private investment model of about 500 trillion South Korean won. The amount can be converted into US$ 383 billion according to the current exchange rate and will serve as support and tax incentives. The goal is to increase competitiveness among high-tech industries in the battery, display, and semiconductor chip sectors to boost the business environment in the country.
Not only will Samsung invest in the sector, but the South Korean government also announced that it will make a total investment of KRW 25 trillion (US$ 19.17 billion). This amount would be directed to support research and development in advanced sectors, such as artificial intelligence. Of the total, KRW 360 billion will be allocated to the development of chip packaging techniques and KRW 100 billion to supply electricity and water to industrial facilities.
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