According to the latest report, South Korea, which has two major chip manufacturers, Samsung Electronics and SK Hynix, and three major battery manufacturers, LG New Energy, SK On, and Samsung SDI, is strong in semiconductors, batteries, and other fields, semiconductors, and batteries are also their important export commodities, and they are also vigorously supporting the development of these key industries.
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The latest reports from South Korean media show that South Korea is seeking to provide 5.26 trillion won in budget support for key industries including chips and batteries next year.
The budgetary funds of 5.26 trillion won for chips, batteries and other fields will be provided by the South Korean Ministry of Trade, Industry, and Energy, which revealed on Tuesday that they are seeking 10.74 trillion won, also about $7.97 billion in budget funds to stimulate the development of semiconductors, nuclear energy, and other advanced industries and strengthen supply chains, and the budget plan will be submitted to Congress for approval on Friday.
In terms of the budget funds sought, the 10.74 trillion won planned by the Ministry of Trade, Industry and Energy of South Korea next year is lower than this year’s 11.16 trillion won which is mainly because while focusing on the development of key future strategic areas, they also need to consider financial stability.
Among the 10.74 trillion won budgetary funds sought by the Ministry of Trade, Industry and Energy of South Korea, 5.26 trillion won will be invested in cutting-edge core industries such as semiconductors, biomedicine, batteries, and robotics. Half of the funds will be used for talent training and support for private enterprises.
Of the remaining funds, 4.26 trillion won will be used to strengthen energy security, and 913.6 billion won will be used to support exports to cope with the increasing uncertainty in the global trade environment.
