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South Korea to Form KRW5 Trillion Chip Fund

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South Korea plans to establish a 5 trillion won semiconductor fund to support chip materials, parts, equipment, and fabless companies, Presidential Chief of Staff Kang Hoon-sik announced at a press briefing on Monday.

The government will also provide an additional 5 trillion won in trade finance for suppliers.

The funding forms part of President Lee Jae Myung's broader semiconductor initiative, which targets over $576 billion in new chip manufacturing projects by Samsung Electronics (KRX:005930), SK Hynix (KRX:000660), Samsung Electro-Mechanics (KRX:009150), Samsung Display, Samsung SDI (KRX:006400), and Naver (KRX:035420).

The government also plans to roll out a 10-year, 1 trillion won program to support cooperation between large firms and smaller suppliers in chip development, testing and mass production, according to the briefing.

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