Choo Kyung-ho: "Semiconductors Are the Brain of High-Tech Industry... Efforts to Quickly Establish Clusters"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 7th, "To rapidly establish the (system semiconductor) cluster, we will make all-out government efforts while actively supporting corporate investments through tax incentives, research and development (R&D) support, talent cultivation, and regulatory improvements."

Deputy Prime Minister Choo made these remarks during a visit to Samsung Electronics' Pyeongtaek Campus in the morning, where he toured semiconductor production sites and held a meeting. He emphasized, "Semiconductors are the brain of advanced industries such as artificial intelligence (AI) and future mobility," adding, "The semiconductor industry is a core national task directly linked to national security and survival, beyond the issues of individual companies."

[Image source=Yonhap News]

This site visit was arranged to observe the world's leading semiconductor production technology and to hear on-site voices regarding the current status, future, and policy tasks for enhancing the competitiveness of our semiconductor industry. This comes amid intensifying global competition to secure semiconductor technology leadership, with the government expanding tax benefits for national strategic technologies and providing comprehensive support.

Deputy Prime Minister Choo toured the semiconductor production lines at the Pyeongtaek Campus, received explanations about advanced semiconductor manufacturing processes, and inspected semiconductor production facilities and manufacturing environments such as DRAM and NAND flash. He also highly praised a company that decided to invest 300 trillion won in the Yongin system semiconductor cluster to secure a global super-gap despite the challenging semiconductor market conditions.

Choo stated, "In the process of promoting industrial policies in advanced and core fields for economic security and supply chain assurance of major countries, we will actively consult with relevant countries through close communication with the industry to ensure our position is reflected."

Participants in the meeting agreed on the importance of public-private cooperation to enhance the competitiveness of the semiconductor industry. They emphasized the need for continuous and bold regulatory improvements to boost productivity across the semiconductor industry, along with government support for infrastructure development to ensure smooth investment in national advanced strategic industries. They also shared opinions on various issues, including the current status and future of our semiconductor industry as viewed by management and employees, as well as diverse matters such as low birthrate countermeasures desired by the younger generation.

In response, Deputy Prime Minister Choo said, "We will continue to communicate and cooperate with the industry and strive to improve investment conditions for companies related to advanced industries."

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