Samsung About to Invest
South Korean Smartphone Maker Company Samsung plans to invest for the next 20 years around $230 million in the government’s largest chip-making unit. In addition, the company is initiating to boost the national chip industry by investing in them.
The company won 300 trillion from the private sector, 550 trillion investment plans projects, which the government reveals. The government aims to expand the tax breakers and support increasing competition in the technology sector, mainly those dealing in chips, batteries, and displays.
Other countries adopted the Plan to support domestic chip industries, including the United States, which released the details they offer subsidies to the chipmakers who invest in their own country.
On Wednesday, the President, Yoon Suk Yeol, said that The Economic battlefield recently started with the chip because countries provide tax support and tax subsidies. Therefore, we must support private investments for growth, and the government will provide workforce, location, and tax support.
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Smartphone Manufactures will add five more chip factories, attracting 150 parts, materials, equipment makers, chip makers, and semiconductor R&D teams.
The government plans to raise the tax rates for the chip-making industries from 8% to 15%. The Company, which includes Samsung Display, Samsung Electronics, and Samsung Electro-Mechanics, plans to invest about 60 trillion for ten years Outside the Seoul Area in chip, battery, and displays industries.
South Korea is the home of Chip Makes, Samsung Electronics, and SK Hynix Inc is working to improve the supply chain to become the King of the non-memory chip industry. Currently, Intel Corp and Taiwan Semiconductor Manufacturing Co Ltd play a significant part in the market.
