Yoon: "Investing 622 Trillion Won in Semiconductor Mega Cluster to Create 3 Million Jobs"

"Semiconductor Investment Tax Credit to Continue"

President Yoon Suk-yeol announced on the 15th that he will invest 622 trillion won in the semiconductor mega cluster to create 3 million jobs. Regarding the semiconductor investment tax credit, which expires this year, he plans to extend its validity and continue the credit going forward.

On the same day, at the third public discussion on livelihood held at the Semiconductor Hall of Sungkyunkwan University in Suwon, Gyeonggi Province, under the theme "Semiconductor Industry Enriching Livelihoods," President Yoon emphasized, "There are claims that the semiconductor tax credit is just a handout to large corporations, but that is nonsense," adding, "If semiconductor companies expand their investments through tax credits, the related ecosystem, overall corporate profits, jobs, and national tax revenues will also increase."

President Yoon explained, "The Ministry of Economy and Finance is also a business entity. It is not a government agency that will just watch tax revenues decrease due to tax credits," and added, "The government operates on the premise that granting tax exemptions and subsidies will ultimately generate more tax and fiscal revenue."

He continued, "We need to clearly refute the false propaganda that calls this a handout to large corporations, questioning how welfare costs for the people will be covered if the budget is insufficient, and claiming that helping big companies makes life harder for the vulnerable."

Furthermore, President Yoon revealed that the world's largest semiconductor mega cluster is being developed, spanning the southern part of Gyeonggi Province. He stated, "The expected investment scale is 622 trillion won," and added, "Over the next 20 years, at least 3 million quality jobs will be newly created."

President Yoon elaborated, "From this year onward, 158 trillion won will be invested over the next five years, creating 950,000 direct and indirect jobs," and explained, "Currently, there are about 180,000 jobs in our semiconductor sector, but once the cluster is completed, an additional 70,000 jobs will be created just in the fabs." It is also projected that sales of partner companies in design, post-processing, and component materials fields will increase by more than 200 trillion won.

[Image source=Yonhap News]

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