South Korea will use state funds to cover as much as 100% of the cost of building key infrastructure, including electricity and water systems, in areas designated as semiconductor industry clusters, according to local media cited by BlockBeats on Aug. 4. The measure is part of detailed rules issued under the country’s Semiconductor Special Act. Those rules set out how the special committee for strengthening semiconductor industry competitiveness will be organized and operated, how semiconductor clusters will be designated and supported, how talent development programs will be backed, and how the special account for semiconductor competitiveness will be managed. Under the rules, the cost of industrial infrastructure needed to build and operate semiconductor clusters may be shared by the central and local governments, with the public share ranging from 50% to 100% of total project costs. The government may also give priority support to recruitment matching for semiconductor companies outside the Seoul metropolitan area, along with local talent training and job transition programs.
South Korea will use national fiscal funding to cover up to the full cost of building infrastructure such as power and water facilities in areas designated as semiconductor industry clusters, according to South Korean media cited by BlockBeats on Aug. 4.
The detailed rules spell out matters authorized under the country’s Semiconductor Special Act. They include the composition and operating procedures of the special committee for strengthening semiconductor industry competitiveness, the designation process for semiconductor industry clusters and related support measures, support for semiconductor workforce training, and the management and operation of a special account focused on semiconductor competitiveness.
Government share set at 50% to 100%
Under the rules, costs tied to the industrial infrastructure needed to build and operate semiconductor industry clusters may be covered by the central and local governments. The government share can range from at least 50% of total project costs to as much as 100%.
The government may also prioritize support for recruitment matching for semiconductor companies outside the capital region, as well as programs for local professional talent development and job transition training.
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