“The tax cut for semiconductor investment is set to expire this year, but we will extend the impact of the law to continue the investment tax cut,” Yoon said.
Refuting claims that such tax credits favor larger conglomerates, Yoon said increased investment in chips would create more jobs and more state tax income in the long term.
South Korean tech giant Samsung Electronics has said it expects to invest $230 billion over the period to 2042 to develop the country’s chip manufacturing base.