By Kang Yoon-seung
The Ministry of Economy and Finance of South Korea has announced plans to invest around 2.2 trillion won (US$1.65 billion) by 2028 to build industrial clusters for cutting-edge technologies. The initiative is expected to kick off in 2024 with 400 billion won set aside for strategic and medical industries.
The government is also considering to bypass the feasibility study for the world’s largest semiconductor complex located in Yongin, near Samsung Electronics Co. and SK hynix Inc. facilities, as well as a number of parts and equipment companies. Additionally, foreign companies specialized in advanced technologies at the clusters will receive 200 billion won in 2024, which is four times more than the 50 billion won allocated this year.
Moreover, 1.8 trillion won will be spent on research projects with major overseas institutions in areas such as semiconductors, displays and batteries. The so-called Boston-Korea project, which seeks to connect South Korean universities and research centers with those in Boston, including Harvard University, will receive 86.4 billion won in 2024.
In addition, eight biopharmaceutical technologies will be included in the list of strategic industries to grant local drugmakers additional tax cuts for their research and investment.
colin@yna.co.kr
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