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South Korea plans to invest over 200 billion won in developing automotive chip-making technology by 2022 and cooperate with local automakers to ease a current supply shortage of automotive chips.
The country may allow state-run banks to offer loans with lower rates if companies seek to expand automotive chips-related foundry business.
Finance Minister Hong Nam-ki said it is urgent to ease a short-term supply shortage of such chips that may last until the third quarter, enhance supply channels and preempt the market.
According to Hong, the focus of investment would be in developing automotive application processors and other key auto chip-making technologies.
Non-memory chip, bio-health, and next-generation vehicle sectors are the three industries that South Korea seeks to nurture for job creation and innovation-driven growth.
South Korea is simplifying customs procedures for automotive chips to address the global shortage and plans to exempt from the mandatory two-week quarantine of those who travel abroad to secure the chips.
While South Korea is the world’s leading memory chip exporter, 98 percent of automotive chips are from overseas.
The country vowed to expand cooperation with overseas partners, such as those from Taiwan.
