South Korea Sets Up $3.5 Billion Fund for Chip Materials and Parts Makers
The 5 trillion won fund targets chip materials, components and fabless firms, alongside 5 trillion won in trade finance and plans for new semiconductor clusters.
SEOUL, Aug 10 (Reuters) - South Korea will launch a new 5 trillion won ($3.52 billion) semiconductor fund focused on promising chip materials, components and fabless companies, Presidential Chief of Staff Kang Hoon-sik said on Monday, as part of government plans to build chip clusters.
Kang said the government would also provide 5 trillion won in trade finance for export-oriented suppliers and seek passage of a Mega Special Zone Act this year to accelerate permits, environmental reviews and infrastructure development.
The government will secure 650,000 tonnes of water supply by 2030 for semiconductor projects in the Honam region, while the Yongin semiconductor cluster will receive a planned 14.7 gigawatts of power by 2041, Kang said.
($1 = 1418.7 won)
(Reporting by Kyu-seok ShimEditing by Ed Davies)
