South Korea plans to bolster its fiscal support for domestic chipmakers next year, shoring up an industry that may face unfavorable policies from the incoming Trump administration and more intense challenges from Chinese rivals.
Financial support made up of loans, insurances and guarantees from state-affiliated organizations are set to amount to 14.3 trillion won next year in an elevation of continued policy stimulus, the Finance Ministry said Wednesday. Separately, the government plans to cover “a significant share” of the 1.8 trillion won needed to bury power cables underground in chipmaking clusters south of Seoul, it said in a statement.
South Korea is stepping up its support for the crown jewel of its economy at a time when President-elect Donald Trump vows to bolster US manufacturing and reduce reliance on foreign supply chains. While the nation has continued to funnel fiscal support into chipmakers, Trump’s election has added urgency to safeguarding the growth of the industry.
South Korea’s biggest company, Samsung Electronics Co., in particular is building a semiconductor factory in Texas with subsidies promised under the Biden administration’s Chips Act. Trump’s camp repeatedly criticized that funding program during the election campaign.
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