South Korea’s semiconductor industry is expected to create over 3 million jobs in the next two decades, according to President Yoon Suk Yeol. The government’s plan to establish a semiconductor mega cluster in cities across southern Gyeonggi Province has gained momentum. With an estimated investment of 622 trillion won (US$472 billion) from companies like Samsung Electronics and SK hynix, the cluster aims to become a hub for chip companies and research centers.
In an effort to support the cluster, the government recently unveiled measures such as extending tax credits and constructing a new power plant running on liquefied natural gas. Yoon highlighted the potential economic impact of the cluster, stating that it could lead to an increase of 200 trillion won in sales for related industries and create 70,000 new jobs.
Yoon also expressed the importance of nuclear power for the stable supply of electricity, not only to the chip industry but also to other cutting-edge industries. This contradicts the previous nuclear phaseout policy of former President Moon Jae-in. Yoon plans to extend tax credits for investments in the semiconductor industry, emphasizing that such incentives benefit all businesses in the same ecosystem and contribute to increased profits and job creation.
The president acknowledged the contribution of South Korean pioneers, particularly the late founder of Samsung Electronics, Lee Byung-chull, and former President Park Chung-hee. Park’s investment in the semiconductor industry and Lee’s dedication to nurturing the sector laid the foundation for South Korea’s rise as a global chip powerhouse.
With the semiconductor industry playing a vital role in technological advancements and economic growth, the success of the mega cluster initiative is expected to have far-reaching implications for South Korea’s economy and job market.
The source of the article is from the blog girabetim.com.br