S Korea To Support $6.4 Bn For Chip Industry

Seoul: The government will provide low-interest loans and other support worth 8.8 trillion won ($6.45 billion) for the semiconductor industry by next year in an effort to strengthen the competitiveness of the advanced sector, the finance ministry said on Wednesday.

It is part of execution plans for the comprehensive support package worth 26 trillion won announced by President Yoon Suk Yeol in June for the country's key industry amid intensifying global competition, reports Yonhap news agency.

Under the plan, the government will provide 4.7 trillion won by 2025 through low-interest loans for chipmakers and funding programs designed to assist fabless and chip material companies so as to boost the overall industry ecosystem, according to the Ministry of Economy and Finance.