Business Minister Kim Jung-kwan, middle, presides over an industrial funding technique assembly held in central Seoul, Monday. Courtesy of the Business Ministry
Ten main manufacturing sectors are anticipated to make facility investments price a mixed 122 trillion gained($83.1 billion) this yr amid the expansion of the semiconductor trade and the automotive trade’s push to increase electrical car (EV) manufacturing, the trade ministry mentioned Monday.
The determine marks a rise from the preliminary plans of 119 trillion gained introduced early this yr. The most recent determine for deliberate manufacturing funding was unveiled at an funding technique assembly hosted by the Ministry of Commerce, Business and Sources.
The ministry mentioned Korean manufacturing industries’ home funding plans expanded, regardless of hovering abroad funding demand sparked by U.S. tariff measures and international provide chain restructuring, because of investments by the semiconductor, automotive and battery industries.
The semiconductor trade has been increasing investments in superior reminiscences, corresponding to high-bandwidth reminiscence, in keeping with rising international demand for synthetic intelligence chips, whereas the automotive trade’s investments are centered on EVs.
Within the assembly, manufacturing corporations requested the federal government to swiftly execute EV subsidies, increase coverage financing and minimize electrical energy charges for industrial use to assist them proceed boosting their home funding, in response to the ministry.
“Though abroad funding, particularly in the USA, has turn out to be unavoidable following the conclusion of the Korea-U.S. tariff negotiations, home funding nonetheless stays necessary to forestall the hollowing-out of our manufacturing base,” Business Minister Kim Jung-kwan mentioned.
