South Korea announces $19 billion support package for chip industry

FILE PHOTO: Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo

SEOUL (Reuters) - South Korea announced on Thursday a 26 trillion won ($19 billion) support package for the country's vital semiconductor industry, the country's presidential office said.

Under the package, President Yoon Suk Yeol said the government planned a financial support programme for chips worth about 17 trillion won through state-run Korea Development Bank to back large-scale investments by semiconductor companies.