Gwak Nojeong, President of the Korea Semiconductor Industry Association, "Government Support Essential in Global Hegemony Competition"

15th Semiconductor Day
In-person event attended by over 440 people
Government "Striving to support corporate investment incentives"

Kwak No-jeong, Chairperson of the Korea Semiconductor Industry Association, delivers a welcome speech at the 15th Semiconductor Day event on the 27th. / Photo by Kim Pyeong-hwa

[Asia Economy Reporter Kim Pyeonghwa] As competition intensifies among countries vying for semiconductor technology supremacy on a global scale, there are calls for support and efforts at the national level beyond individual companies. This was stated by Kwak Nojeong, Chairman of the Korea Semiconductor Industry Association. The government expressed its intention to work on legislation and budget preparation to provide incentives for semiconductor company investments.

The Korea Semiconductor Industry Association held the "15th Semiconductor Day" on the 27th at the InterContinental Seoul COEX. Semiconductor Day is an event held annually on the fourth Thursday of October since 2008 to commemorate the semiconductor export milestone of $10 billion achieved in 1994. It also aims to promote the achievements and status of the semiconductor industry externally.

This year's Semiconductor Day was held as a large-scale in-person event for the first time in three years. About 440 people, including government officials such as Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy, semiconductor contributors, Chairman Kwak, Park Yong-in, President of Samsung Electronics LSI System Business Division, Vice President Cho Gi-seok of DB HiTek, and other association and industry representatives, filled the spacious hotel venue.

In his welcoming remarks, Chairman Kwak emphasized the need for government support for the semiconductor industry amid the emergence of global semiconductor supremacy competition. He also explained that it is a time when industry, academia, and research institutes must respond with full force together to enhance Korea's semiconductor competitiveness.

Chairman Kwak said, “The competition to secure semiconductor technology is no longer limited to individual companies but has become a life-or-death competition among nations. Major countries including the United States, China, Japan, and Europe are working as one team of companies and governments to secure leadership in the semiconductor industry.”

He added, “It is time for us as well to unite semiconductor strength under the full support of the government. We must overcome the crisis and leap forward as a semiconductor superpower.”

In response to these demands, the government plans to work on legislation and budget preparation to secure incentives for corporate investments. Minister Lee said in his congratulatory speech, “We will soon hold the Advanced Strategic Industry Committee to designate strategic technologies in advanced industries such as semiconductors, and next year designate a semiconductor-specialized complex to foster a global innovation cluster through special permits and incentives.”

The National Assembly also expressed its intention to provide further support. Yang Hyang-ja, Chairperson of the National Assembly Special Committee on Strengthening Semiconductor Industry Competitiveness, delivered a congratulatory message via video, saying, “Semiconductors are the sacred weapon that protects the nation, the national defense spirit. We will do our best at the National Assembly level to have Semiconductor Day designated as a national commemorative day.”

At the event, Chairman Lee Yong-han of Wonik received the Gold Tower Industrial Medal, Vice President Choi Jeong-dal of SK Hynix received the Silver Tower Industrial Medal, and Executive Director Ko Kyung-min of Samsung Electronics received the Bronze Tower Industrial Medal, among a total of 53 government awards including these three medals?the largest scale ever. A total of 30 private awards, including the Korea Semiconductor Industry Association Chairman’s Award, were also presented. The Korea Semiconductor Industry Association Chairman’s Award was given to Park Sang-ik, CEO of Samyoung S&C.

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