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DPM Choi Visits Semiconductor Industry Sites on the 2nd Anniversary of the Yoon Administration

  • DivisionPolicy Coordination Bureau - Regulatory Innovation Team
  • DateMay 12, 2024
  • Tel+82 44 215 4581

On May 10, Deputy Prime Minister Choi Sang-mok visited semiconductor material, parts, and equipment companies and the nearby commercial center in Hwaseong, Gyeonggi Province, marking the 2nd anniversary of the Yoon administration.



< On-site Visit to Semiconductor Equipment Export Companies >


Above all, in order to listen to the voices from semiconductor material, parts, and equipment companies, which can be considered as the roots of Korea’s semiconductor ecosystem, DPM Choi visited a semiconductor equipment manufacturing company HPSP to tour its manufacturing sites and hold a meeting with companies in the industry.


During the meeting, he highlighted that restoring the corporate growth ladder to enable SMEs to grow into middle market enterprises or large companies is a major policy task of the government, and that a “Corporate Growth Ladder Building Plan” will be announced in May as the second measure to achieve a dynamic economy.


The attendees requested various policy efforts to enhance the competitiveness of the semiconductor industry; step up government support for advanced industry clusters’ infrastructure, strengthen policy financing and tax support for facility investment and R&D, narrow the support gap between domestic enterprises and foreign-invested enterprises in Korea, and backing the cultivation and protection of core technical talent. They expressed their expectation that the government will gain the upper hand over its global competitors in these efforts.


In response, DPM Choi emphasized that creating an ecosystem for the semiconductor industry is paramount to shore up its competitiveness; in this context, the government is preparing a semiconductor support program worth over 10 trillion won to boost facility investment and R&D in all areas of the industry, including material, parts, and equipment, fabless, and manufacturing facilities. He also stated that various financing channels are being reviewed including policy financing from the Korea Development Bank or the establishment of funds through joint investment from the government, private sector, and policy financing, which will soon be materialized and announced.


Furthermore, he expressed his commitment to actively engaging in discussions with the National Assembly to extend the sunset clause for the investment tax credit for national strategic technologies, which is due to terminate in 2024, while expanding the scope of R&D investment tax credits for national strategic technologies by working together with the private sector including academia and businesses. Moreover, he added that ongoing large-scale projects related to advanced packaging and mass production-linked mini-fabs will swiftly undergo feasibility studies to accelerate technology development; for companies interested in moving into clusters, the government will establish a platform, led by the Korea Semiconductor Industry Association, to provide information and guidance on relevant procedures.



< On-site Visit to the Commercial Center in Byeongjeom >


DPM Choi visited the nearby commercial center in Byeongjeom, Hwaseong-si, where he toured clothing stores, accessory shops, and restaurants, listening to the merchants’ views on the economic situation and challenges they face. Underscoring the importance of stabilizing people’s livelihoods to truly achieve the economic recovery, he pledged to continue providing support to alleviate burdens of small business owners who are experiencing difficulties; the government will strive to closely communicate with the field through the newly established pan-governmental “Livelihood Stability Support Team”, launched on May 8, aiming to thoroughly check on the on-site obstacles from the citizens’ perspectives, and promptly devise solutions.

Please refer to the attached files. 

Ministry of Economy and Finance
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