The South Korean government and top semiconductor manufacturers in Korea agreed on Oct. 24 during a ceremony celebrating the 12th Semiconductor Day to create a 100 billion won fund for fostering fabless chip companies.
Samsung Electronics’ CEO Jung Eun-seung, SK hynix CEO Lee Seok-hee and Korea Growth Investment Group CEO Sung Ki-hong were among those who signed on for the deal.
The plans are a part of an announcement the government made in April on nurturing system semiconductor chip makers. A semiconductor growth fund created in 2016 were for a wide range of areas from materials and parts to equipment and chip design.
The fund that the related parties agreed on this time was exclusively for fabless lines, and will be aimed to provide mid and long-term support and make more high-risk investment to help local fabless companies grow to global players. “System chip growth is essential for the future of the overall semiconductor sector,” said Sung Yun-mo, Minister of Trade, Industry and Energy at the event. "The mutually invested fund will help trigger more investment into domestic fabless firms to eventually lead to overall prosperity.”
Also on this day, LAM Research Korea CEO Seo In-hak received the Silver Tower in the Order of Industrial Service Merit. Last month, LAM Research signed with Gyeonggi Province to increase its R&D facilities here in Korea.
The Bronze Tower went to Samsung Electronics’ executive Kim Min-koo for his role in commercializing the 5G modem chip for the first time in the world.
The Elec is South Korea’s No.1 tech news platform.
