South Korea joins global chip battle with $19B war chest

Published on May 24, 2024



Asian country aims to become a top three global power in AI chips by 2030.

South Korea has raised the stakes in the global AI chip battle, promising 26 trillion Korean won (US$19 billion) in state funding to grow the local industry.

Declaring that semiconductors were "a field of all-out national warfare," President Yoon Suk Yeol announced a broad package Thursday aimed at boosting all segments of the domestic industry.

The biggest portion will be a KRW17 trillion ($12.4 billion) loan scheme, channeled through the Korea Development Bank, to help firms fund their expansion, state news service Yonhap reported.

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