Yeo and Semiconductor Special Committee: "Japan's Situation Will Repeat... 'CHIPS Act' Must Pass National Assembly Quickly"

Yang Hyang-ja, Chairperson of the Special Committee on Strengthening Competitiveness of the Semiconductor Industry, is announcing the achievements of the Special Committee's activities on strengthening semiconductor industry competitiveness at the National Assembly Communication Office on the 2nd. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Lee Ji-eun] Amid the lack of proper discussion on the K-Chips Act prepared by the People Power Party's Special Committee for Strengthening Semiconductor Industry Competitiveness, the committee issued a statement on the 25th urging the prompt establishment of a 'Special Committee on Advanced Industries.'

In the statement, the committee said, "The world is currently in a semiconductor hegemony war. There is no time to delay," and requested, "Please swiftly pass the Chips Act in the National Assembly. Additionally, please promptly establish a National Assembly-level Special Committee on Advanced Industries."

The K-Chips Act prepared by the committee is a package of two bills: the "Partial Amendment to the Special Act on Strengthening and Protecting National Advanced Strategic Industry Competitiveness" and the "Partial Amendment to the Restriction of Special Taxation Act." The former includes provisions for the national committee to support the creation of strategic industry specialized complexes from the development stage, while the latter contains tax reduction measures for semiconductor companies.

The committee pointed out, "If we hesitate even briefly, we will fall behind forever," noting, "In Japan's case, until 1988, its semiconductor market share was 50%, and half of the global top 10 semiconductor companies were Japanese firms, but now there is not a single one left."

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