South Korean President Yoon Suk Yeol announced his country will introduce a 26 trillion won ($19 billion) chip industry support package to boost the vital industry amid intensifying global competition.

According to Amac News: Yonhap news agency quoted the president of South Korea as writing that this package includes financial programs, research and development initiatives and infrastructure support for chip manufacturers, material suppliers and fabless companies specializing in chip design.
The centerpiece of this support package is the establishment of a financial support program worth 17 trillion won dedicated to infrastructure investment at the State Development Bank of Korea, the report said.
The South Korean government plans to extend tax breaks set to expire at the end of the year to facilitate large-scale investment, as a semiconductor cluster project is currently underway in Gyeonggi Province.
A 1 trillion chip industry profit fund will be created to help chip and fab material manufacturing companies, and research and development infrastructure for small and medium-sized enterprises (SMEs) will be built.