Gov’t to skip feasibility study on semiconductor cluster in Yongin

South Korea's finance ministry said Monday it plans to skip a feasibility study on the plan to create the world's largest semiconductor cluster south of Seoul, in line with efforts to speed up the recovery of the chip industry.

The decision came amid the country's sluggish exports, which fell 12.4 percent on-year over the January-August period, with outbound shipments of semiconductors losing 34.9 percent, according to the Ministry of Economy and Finance.

The new complex, announced earlier this year, will be built in Yongin near chip facilities run by Samsung Electronics Co. and SK hynix Inc., as well as a number of parts and equipment companies, paving the way for the world's largest mega cluster for semiconductors.

It is expected to house 150 materials, parts and fabless companies.

During the meeting of export-related ministers, South Korea also announced a set of measures to revitalize the ailing exports.

The government said it plans to offer 180 trillion won (US$136.2 billion) in trade financing by the end of this year in the latest move to boost exports.

The government said it plans to hold a bilateral finance ministerial meeting with China this year and promote exchanges between government bodies and businesses.

The government will beef up cooperation with Poland and Ukraine as well to expand South Korean firms' participation in the war-torn country's reconstruction projects amid Russia's invasion.

South Korea plans to send delegations to Saudi Arabia to seek potential business opportunities in major projects, including the Neom smart city project.

In line with efforts to expand South Korea's presence in the global entertainment industry, the country will also set up a 1 trillion-won fund over the 2024-2028 period to lend hands to mega projects, including content for streaming services.

Source: Yonhap News Agency

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