South Korea plans to invest about 2.2 trillion won ($1.65 billion) by 2028 to establish cutting-edge technology industrial clusters, the Ministry of Strategy and Finance said on Monday. South Korea's Ministry of Planning and Finance revealed that the government will invest 400 billion won in strategic industrial and medical industry special parks in 2024.
In addition, in order to accelerate the construction of strategic cutting-edge industrial clusters, the government will also promote the feasibility study of establishing the world's largest semiconductor cluster in the area south of Seoul.
The new chip park announced earlier this year will be built in Yongin, close to chip factories operated by Samsung Electronics and SK Hynix, as well as a number of parts and equipment companies, paving the way to create the world's largest ultra-large semiconductor cluster.
The South Korean government also decided to increase cash support to foreign companies in cutting-edge technology fields from 50 billion won this year to 200 billion won in 2024.
Korea Sea will include eight biopharmaceutical technologies in the list of nationally selected strategic industries and provide additional tax breaks for research and investment by domestic pharmaceutical companies.
At the same time, 1.8 trillion won will be invested in 2024 to jointly promote research projects with major overseas research institutions in fields such as semiconductors, displays, and batteries.