April 26, 2024

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South Korea has been pushing to inject 1 trillion won ($862 million) per year into the semiconductor materials and parts industry, a ruling party official said on July 3.

The plan was unveiled amid concerns raised by Japan’s announcement that it would restrict exports of chip and display materials to Korea.

“The government is pushing for an intensive investment worth 1 trillion won each year in the development of semiconductor materials, parts and equipment and conducting a preliminary feasibility study,” Cho Jung-sik, chief of the policy committee of the Democratic Party, said.

He made the remarks after a meeting of top officials from the presidential office, government ministries and the party at the National Assembly to discuss economic policies for the latter half of the year.

Cho said the government has been preparing the measures since months before and will unveil details of the plan this month, dismissing criticism that Seoul lacks proper countermeasures to Japan’s export restriction.

“We are examining the situation at a pan-governmental level and closely discussing countermeasures,” he said.

By Ram Garikipati and newswires (ram@heraldcorp.com)