South Korea unveiled a $19 billion (26 trillion won) support package for its semiconductor industry on Thursday, aimed at bolstering the country’s position in the global chip market. The package includes financial programs, research and development (R&D) initiatives and infrastructure support for various industry players, with a significant portion allocated to infrastructure investment through the state-run Korea Development Bank.

South Korean President Yoon Suk-yeol emphasized during an interagency meeting on economic issues that the package will focus on supporting the entire semiconductor supply chain, particularly small and medium-sized enterprises (SMEs). The government plans to extend tax breaks, expedite administrative procedures for the semiconductor mega cluster project in Gyeonggi Province and invest in nurturing talent for R&D projects. Detailed supportive measures will be finalized by next month, with plans for the system semiconductor field available by August.