South Korea spend record amount on chip production

By Alimat Aliyeva

South Korea has announced a record 26 trillion won ($19 billion) to support chip production, Azernews reports.

President Yun Seok said that a financial support program in the amount of 17 trillion won (12.5 billion US dollars) is planned through the State Road Development Bank.

"As we all know, semiconductors are an area where there is an all—out national war. Victory or defeat depends on who can create advanced semiconductors," the South Korean president said at a meeting with top government officials.

Earlier, South Korean entrepreneurs called on the government to support the local technology industry. Because the United States and China have already allocated billions of dollars for technology development.