S.Korea announces bigger tax breaks, loans to bolster local chip industry

SEOUL: South Korea on Thursday announced bigger tax breaks plus 1 trillion won ($883 million) in loans for the local chip industry as it navigates a challenging operating environment amid a global chip shortage.

Many countries are working to bolster local chip supply chains as the severe shortage affects production in industries such as autos, and in March U.S. President Joe Biden flagged plans to invest $50 billion in semiconductor manufacturing and research.