"World's 2nd Largest Korean Semiconductor Status Faces Strong Challenges... Government Policy Support Needed"

KIAF 'Current Status and Recent Market Trends of the Semiconductor Industry' Online Seminar

Jung Manki, Chairman of the Korea Industrial Federation Forum, is delivering a keynote speech on the topic of "Problems and Improvement Tasks of Entry Regulations" at the 10th Industrial Development Forum held on the 26th at the Automobile Hall in Seocho-gu, Seoul. Photo by Kang Jinhyung aymsdream@

[Asia Economy Reporter Yu Je-hoon] Amid intensifying global semiconductor hegemony competition, there are calls for active government support to enhance South Korea's semiconductor industry competitiveness, which ranks second in the world.

Jung Manki, Chairman of the Korea Industrial Alliance Forum (KIAF), stated at the online seminar "Current Status and Recent Trends of the Semiconductor Industry" held on the 14th, "Our semiconductor industry's global second-place position, with a market share dropping from 23.6% in 2018 to 18.4% last year, is facing strong challenges." ▶Related article on page 5

Chairman Jung explained, "The global semiconductor market grew rapidly from $141 billion in 2002 to $485 billion in 2018, and with the development of artificial intelligence (AI) and other technologies, it is expected to grow even faster to $1 trillion around 2030." He added, "Meanwhile, the United States, Europe, and Japan are implementing semiconductor industry revitalization policies such as reviving domestic semiconductor manufacturing, and China continues to pursue its semiconductor rise."

He continued, "Semiconductors have become a core factor in the competitiveness of most industries," emphasizing, "Efforts by companies and the government to enhance the competitiveness of the semiconductor industry ecosystem?including fabless, foundry, and semiconductor equipment sectors?must be strengthened, and it is important that government development strategies are implemented smoothly not only during regime changes but also thereafter."

Lee Chang-hwan, Vice Chairman of the Korea Semiconductor Industry Association, also said, "Countries like the United States and China are continuously announcing industrial promotion measures to secure domestic semiconductor manufacturing facilities and strengthen competitiveness," urging, "Strong industrial support policies from the government are needed alongside corporate innovation." Reporter Yu Je-hoon kalamal@

This content was produced with the assistance of AI translation services.