South Korea is providing a $19 billion support package to boost its semiconductor industry, extending tax breaks and offering financial aid to chipmakers through the Korea Development Bank.
Despite competition from Intel and TMSC, South Korea saw a 56% increase in semiconductor exports in April, prompting companies like SK Hynix to invest billions to enhance AI chip manufacturing capacity.
South Korea's efforts to enhance its semiconductor industry follow the US's actions through the CHIPS Act, where American manufacturers like GlobalFoundries receive subsidies to boost domestic chip production.
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