South Korea Targets $120 Billion in Chip Exports as India Joins the Global Semiconductor Market
South Korea to Accelerate Semiconductor Industry Development
Seoul, March 21 (IANS) – South Korea is set to proactively support the semiconductor industry to achieve its annual export target of $120 billion. Industry Minister Ahn Duk-geun stated that the government will focus on developing high-bandwidth memory and artificial intelligence chips while supporting infrastructure, technologies, and exports.
During a visit to SK hynix’s semiconductor cluster construction site, Ahn mentioned, “The government will support the timely establishment of related infrastructure, secure competitive technologies, promote exports, and strengthen the ecosystem of materials, parts, equipment and fabless sectors.”
As India also progresses in the semiconductor sector with substantial investments, South Korea’s SK hynix plans to build four fabrication plants at a budget of $89.5 billion by 2046. The company aims to produce DRAM and NAND flash memory chips at the cluster, positioning it as the flagship production hub.
The government intends to lead South Korean businesses in the artificial intelligence sector and will launch a new department dedicated to supporting the development of the semiconductor cluster. Plans to enhance the competitive edge of chip equipment are expected within the first half of the year.
South Korea’s chip exports displayed growth, increasing 66.7 percent on-year to $9.94 billion in February. This marked the fourth consecutive month of growth and the sharpest increase since October 2017. The government is optimistic about the industry’s future prospects.
–IANS
na/uk
