President Yoon Suk Yeol has announced plans for a groundbreaking semiconductor industry cluster outside of Seoul that is projected to create over 3 million jobs in the next two decades. The “semiconductor mega cluster” will serve as a hub for chip companies and research centers in various cities across southern Gyeonggi Province. The plan, which was unveiled last year, received a significant boost with an investment of 622 trillion won (US$472 billion) from leading tech companies, including Samsung Electronics Co. and SK hynix Inc.
To support the development of the cluster, the government has introduced measures such as extending tax credits and constructing a new power plant powered by liquefied natural gas. Over the next five years, 158 trillion won will be invested, resulting in the creation of around 950,000 jobs. Once the cluster is complete, it is expected to add an additional 70,000 jobs to the chip sector, which currently employs 180,000 individuals.
Aside from the economic benefits, President Yoon emphasized the importance of nuclear power as a stable energy source for the semiconductor industry and other cutting-edge sectors. This stance contrasts with the nuclear phaseout policy implemented by his predecessor, Moon Jae-in. Yoon also pledged to extend tax credits for investments in the semiconductor industry beyond the current year, clarifying that such incentives benefit all businesses in the ecosystem and contribute to increased state tax revenues.
The establishment of this semiconductor industry cluster signifies a significant milestone in the growth of South Korea’s tech sector. With the support of major players in the industry and the implementation of favorable policies, the region is poised to become a global center for semiconductor technology, driving economic growth and creating numerous employment opportunities for years to come.
The source of the article is from the blog cheap-sound.com