By Kang Yoon-seung
SEOUL, Sept. 4 (Yonhap) — The South Korean finance ministry reported Monday that it plans to forgo a feasibility study on the plan to establish the world’s biggest semiconductor cluster near Seoul in Yongin, as part of its efforts to accelerate the recovery of the chip industry.
This announcement came in light of the country’s weak exports, which decreased 12.4 percent year-on-year during the January-August period, with outbound shipments of semiconductors declining 34.9 percent, according to the Ministry of Economy and Finance.
The new complex, announced earlier this year, will be built in Yongin near chip facilities run by Samsung Electronics Co. and SK hynix Inc., as well as a number of parts and equipment companies, paving the way for the world’s largest mega cluster for semiconductors.
It is expected to house 150 materials, parts and fabless companies.
During the meeting of export-related ministers, South Korea also declared a set of measures to revive the ailing exports.
The government said it plans to provide 180 trillion won (US$136.2 billion) in trade financing by the end of this year in the latest move to boost exports.
The government said it plans to hold a bilateral finance ministerial meeting with China this year and promote exchanges between government bodies and businesses.
The government will strengthen cooperation with Poland and Ukraine as well to expand South Korean firms’ participation in the war-torn country’s reconstruction projects amid Russia’s invasion.
South Korea plans to send delegations to Saudi Arabia to seek potential business opportunities in major projects, including the Neom smart city project.
In line with efforts to expand South Korea’s presence in the global entertainment industry, the country will also set up a 1 trillion-won fund over the 2024-2028 period to lend hands to mega projects, including content for streaming services.
colin@yna.co.kr
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