South Korea is boosting its semiconductor industry with a bigger budget. The government plans to increase funding from 26 trillion won to 33 trillion won. This move comes as the industry faces uncertainty due to US trade policies and growing competition from China.
The increased funding will help support chip manufacturers and researchers. It will also aid in developing new technologies and improving production processes. The government aims to make South Korea a leader in the global semiconductor market.
Key Statistics
- China’s semiconductor exports reached $141 billion, accounting for 21% of its total exports.
- $46.6 billion worth of semiconductors were exported to China.
- $10.7 billion worth of semiconductors were exported to the US.
The US and South Korea are discussing ways to minimize the impact of US tariffs on South Korean companies. US President Donald Trump recently announced plans to reveal new tariffs on semiconductor imports. He hinted that some companies might be exempt from these tariffs.
The South Korean government is working closely with the US to address concerns about the tariffs. Officials are exploring options to reduce the impact on their companies. The goal is to find a solution that benefits both countries.
The source of this information is Reuters.