S Korea to infuse $7.2 bn in chip industry

Seoul: South Korea will push to set up a package worth over 10 trillion won ($7.28 billion) to support the chip industry as part of efforts to boost the competitiveness of the critical industry and to prop up economic growth, its Finance Ministry has said.

The planned assistance programme of more than 10 trillion won aims at supporting facility investment and research and development programs for all sectors of the chip industry from chip materials to manufacturing equipment and components, Finance Minister Choi Sang-mok said during his visit to a local chipmaking company.