South Korea's chipmakers vowed to expand their domestic investment this year to more than a combined 56.7 trillion won ($47.36 billion) amid heated global competition and supply chain disruptions.
The plan was announced by the Korea Semiconductor Industry Association based on a recent survey of its members on their investment plan in the new year, including Samsung Electronics Co. and SK hynix.
If fully executed, the amount represents a 10 per cent increase from 51.6 trillion won they invested last year, according to the Ministry of Trade, Industry and Energy.
The ministry said that large chipmakers plan to spend 53.6 trillion won in 2022, and smaller firms in the fabless and other system semiconductor field will make an investment of 1.3 trillion won. It did not disclose a detailed investment plan by company.
In a move to support the industry, the government will increase facility investment in relevant industrial complexes and set up an entity in charge of administrative support, according to the ministry.
It also vowed to increase the entrance quota at colleges with degrees in semiconductors to 700 this year and to operate new education programs to nurture 1,200 experts in the field every year, reports Yonhap news agency.
"The government's active policy backing is a must to nurture professional manpower so as to win competition with global firms," association chief Lee Jeong-bae said during a meeting with Industry Minister Moon Sung-wook on Wednesday.
Lee, who is also the head of Samsung's memory business division, also called on the government to extend tax cuts and other various incentives and speed up deregulation.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Feb 20 2022 | 11:31 AM IST