South Korea's Semiconductor Cluster Receives Policy Boost, Government to Fully Cover up to 100% of Infrastructure Construction Costs

BlockBeats News, August 4th. According to South Korean media reports, for the region designated as a semiconductor industry cluster, the South Korean government will use national fiscal funds to bear the full cost of building infrastructure such as electricity and water resources. The detailed rules clarify the relevant matters authorized by the "Semiconductor Special Act," including:

- Strengthening the composition and operation of the Semiconductor Industry Competitiveness Special Committee;

- Procedures for designating semiconductor industry clusters and related support measures;

- Support for semiconductor industry talent development;

- Management and operation of the Semiconductor Industry Competitiveness Special Account.

According to the regulations, the costs related to the construction and operation of industrial infrastructure required for semiconductor industry clusters can be borne by the central government and local governments, with the minimum burden ratio being 50% of the total project cost and a maximum of 100%. In addition, the government can also prioritize supporting talent recruitment for semiconductor companies outside the capital area, as well as local professional talent development and job transition training projects.