Choo Kyung-ho: "Expanding Semiconductor Facility Investment Incentives, Rapid Permits... R&D Tax Support as Well"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho [Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seonhee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 31st, "We will strengthen support to expand domestic semiconductor investment to further solidify the growth foundation and capabilities of the semiconductor industry," adding, "We plan to expand incentives for semiconductor facility investment, including infrastructure construction and financial support for power, water, and roads, and also prepare measures to support expedited permits and approvals when establishing semiconductor complexes."

Deputy Prime Minister Choo visited the Seoul National University Semiconductor Joint Research Center in the afternoon and held a meeting with related industry representatives, stating, "We will spare no policy efforts to ensure that our country leads in the global semiconductor hegemony competition." He also said, "We will strengthen the semiconductor industry's ecosystem through discovering demand-linked cooperation models, enhancing research and development (R&D) support, and international cooperation," adding, "We will reinforce various supports based on R&D tax incentives and the 'National Advanced Strategic Industry Act' (scheduled to be enforced in August), and promote cooperation with major countries in semiconductor technology, manpower, and supply chains."

The meeting was attended by officials from the Ministry of Economy and Finance, Ministry of Science and ICT, Ministry of Trade, Industry and Energy, academia including Professor Kim Seong-jae (acting director) of the Seoul National University Semiconductor Joint Research Center, and industry representatives such as Lee Chang-han, Vice Chairman of the Semiconductor Industry Association, Sung Kyu-dong, CEO of EO Technics, and Do Seung-cheol, Executive Director of Soulbrain.

According to the Ministry of Economy and Finance, attendees requested the government to promptly resolve issues such as expanding government support including tax benefits for semiconductor-related investment and addressing the shortage of semiconductor specialists.

In response, Deputy Prime Minister Choo stated, "We will devise various measures to resolve the shortage of semiconductor specialists," adding, "We will expand the semiconductor talent pool by designating specialized semiconductor universities and graduate schools, reviewing the expansion of semiconductor-related department quotas, and actively nurturing talent that meets industry demands through expanding contract departments and industry-academia linked programs."

Deputy Prime Minister Choo said, "We will ensure that the matters discussed today are reflected in future policies," and "We will continue to actively communicate to enhance the competitiveness of the semiconductor industry." He also urged the efforts and collaboration of field experts.

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