South Korea is gearing up to implement a support package exceeding 10 trillion won ($7.30 billion) aimed at bolstering investments and research in the semiconductor sector, announced Finance Minister Choi Sang-mok on Sunday. This move comes as the nation sets its sights on emerging victorious in what it terms a "war" within the semiconductor industry.

Choi Sang-mok revealed that the government would imminently disclose specifics of the package, which will primarily target chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain.

The proposed program may encompass policy loans and the establishment of a novel fund, backed by both state and private financial institutions, as outlined during a meeting with executives from domestic chip equipment manufacturers, as per a statement from the finance ministry.

Furthermore, South Korea is in the process of constructing a mega chip cluster in Yongin, located south of the capital city, Seoul. This ambitious endeavor is projected to become the world's largest high-tech complex dedicated to semiconductor manufacturing.

President Yoon Suk Yeol has expressed staunch determination to allocate all feasible resources towards achieving victory in the "chip war," pledging tax incentives to stimulate investments in the semiconductor sector.