SEOUL, The government and the ruling People Power Party (PPP) agreed Friday to provide the semiconductor and cultural content industries with tax, administrative and legislative support in an effort to tide over the global economic recession.
“The government and the party have agreed we should facilitate investment in domestic facilities to achieve a wide gap in technology in the semiconductor area,” Rep. Sung Il-jong, the PPP’s top policymaker, said after a policy consultation meeting, vowing to work for the passage of a bill stipulating support measures to improve the industry.
For the content industry, the ruling party will look into ways to strengthen Korean-made content’s competitiveness in the global market, such as tax cuts to expand investment in movie production, Sung said.
On Thursday, Finance Minister Choo Kyung-ho said the government will work to beef up the competitiveness of chips and other key industries, saying the country’s export slump will continue unless chip sales rebound.
The country’s exports decreased 7.5 percent on-year to US$50.1 billion in February, falling for the fifth consecutive month, according to government data. It was the first time since 2020 that exports have declined for five months in a row.
Source: Yonhap News Agency