South Korean President Yoon Suk Yeol has announced a significant $19 billion support plan for the country's crucial semiconductor industry. This comprehensive support program, valued at 26 trillion Korean won, encompasses financial, infrastructure, research and development, as well as support for small and medium-sized companies. The plan includes a $7 billion investment announced earlier this month and extends tax benefits for chip investments to boost employment and attract more talent to the industry.

The semiconductor industry is a key sector for South Korea, with the country being home to the world's top memory chipmakers, Samsung Electronics and SK hynix. The government's efforts to bolster this industry align with its broader strategy to invest heavily in key technologies, including chips, displays, and batteries, where the country's tech giants are well-established.