Semiconductor Industry and Academia Urge National Assembly to Quickly Pass the 'K-Chips Act'

Statement Released on the 26th... Amid US Semiconductor Law and Hegemony War, "No Time Left"

[Asia Economy Reporter Moon Chaeseok] The semiconductor industry and academia urged on the 26th that the so-called 'K-Chips Act,' officially known as the 'Semiconductor Industry Competitiveness Enhancement Act,' be promptly passed during next month's regular National Assembly session.

On the same day, four organizations?the Korea Semiconductor Industry Association, the Korean Institute of Electrical Engineers, the Korean Society for Semiconductor and Display Technology, and the Korean Institute of Semiconductor Engineering?issued a statement titled "The Semiconductor Industry and Academia's Position on the Prompt Passage of the Semiconductor Industry Competitiveness Enhancement Act," demanding this.

According to the four organizations, since the K-Chips Act was proposed on the 4th through the Special Committee for Strengthening Semiconductor Industry Competitiveness, the semiconductor industry and academia have been expecting the bill to pass quickly; however, no significant progress has been seen in the National Assembly.

The organizations emphasized, "Recently, the semiconductor industry support law aimed at increasing domestic semiconductor production was passed in the United States, intensifying the semiconductor hegemony war among countries. At this critical moment, the K-Chips Act’s provisions to expand support for strategic industry specialized complexes, increase workforce supply, and broaden tax incentives will be a great force for South Korea to secure semiconductor leadership and overcome the crisis."

Here, regarding the specialized complexes, it means legislating to provide prior support and shorten approval periods from the development stage. In terms of expanding workforce supply, the bill includes measures such as industry-demand-tailored high schools, which should be promptly implemented. For expanding tax incentives, specific measures such as increasing the facility investment tax credit rate to a maximum of 25-35% and extending the credit period should be taken.

The organizations stated, "Given the semiconductor industry's characteristics, which require enormous capital and manpower, 'timely support' is of utmost importance," and added, "Our semiconductor industry and academia strongly urge the prompt passage of this bill."

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