South Korea aims to Invest $422bln on Technology and Electric vehicles

South Korea is undertaking a massive initiative to invest approximately $422 billion in developing core technologies and promoting domestic technology.

South Korea is undertaking a massive initiative to invest approximately $422 billion in developing core technologies and promoting domestic technology. The country aims to strengthen its main supply chain, win a leading position in the global race for technology, and climb up the ladder in advanced industries such as batteries and future automobiles. The initiative is being joined by several leading South Korean companies, including Samsung Electronics Co.

The Korean government's plan will focus on developing high-tech areas such as chips, batteries, robots, electric vehicles, screens, and biotechnology. The plan will also include establishing centers that will house large semiconductor factories, designers, and material suppliers. This move is aimed at promoting the country's most ambitious effort to invest and promote the development of core technologies.

South Korea aims to Invest $422bln on Technology and Electric vehicles ph: [email protected]_aviation

Samsung's investment in the plan is expected to play a crucial role. The company is currently planning to spend about 300 trillion won (equivalent to 229 billion USD) to build a new "chip cluster" in the suburbs of Seoul, where research and chip production companies will be established. Samsung is also considering constructing more semiconductor manufacturing plants in Taylor, Texas, by 2024 and Yongin by 2042.

South Korea aims to become a leading center for chip manufacturing, surpassing heavyweight rival Taiwan Semiconductor Manufacturing Co. Samsung and SK Hynix Inc. currently dominate the world's memory chip market, and Korea is also a leader in the fields of organic light-emitting diode (OLED) displays. However, according to the South Korean Minister of Trade, Industry, and Energy, Lee Chang Yang, the parts and equipment needed to assemble chips and other products are still largely dependent on foreign companies. Hence, the Korean government's initiative is aimed at reducing this dependency.

The initiative is being undertaken at a time when global policymakers, from Washington to Beijing, are investing billions of dollars in building domestic production supply chains. The US and China are leading the way in the global technology war, and Korea faces increasing challenges to keep up. Japan and Taiwan have also focused their investments on the technology industry, making it a global war.

This investment by the South Korean government and Samsung exemplifies the country's commitment to advance its technological capabilities and compete against other leading nations. With its ambitious plan, it is hoped that South Korea will not only reduce its dependency on foreign companies but also cement its status as a leading technological powerhouse.

Your comment

Canada extends Work Permits for International Students after graduation

Canada recently announced a new immigration measure to help international students who have graduated in Canada and have a work permit (PGWP) that expires in 2022 and 2023, to renew their work for an additional 18 months.

Singapore to Raise Permanent Residency Threshold for Foreign Investors

Starting from March 15th, foreigners seeking permanent residency in Singapore will need to invest at least S$10 million ($7.4 million) in a business or S$25 million in an approved fund, according to the Singapore Economic Development Board.

Ireland ends Golden Visa Program for Wealthy Foreign Investors

The Irish government announced on Tuesday February 14, 2023 that it will be shutting down its investor visa scheme, which allowed wealthy foreign investors to gain residency in the country by investing at least 1 million euros.

Canada economy creates new 150,000 jobs in Jan

Canada’s job numbers increased by 150,000 in January 2023 and the unemployment rate remained stable at 5%, according to Statistics Canada on February 10.

Powerful 7.8 magnitude earthquake in Turkey and Syria killed more than 2,300 people

The total death toll from earthquakes in Turkey and Syria rose to more than 2,300, after the earthquake caused widespread damage in the region with a series of aftershocks.

Finland must triple immigration yearly

According to the Etla report, that assessed the economic impacts of immigration by sector of work and how immigrants can offset the effects of Finland's aging population, in order to secure a domestic workforce, Finland needs to intake 44,000 immigrants each year which is triple the rate predicted by the Finnish Statistics Office.

According to the Etla report, that assessed the economic impacts of immigration by sector of work and how immigrants can offset the effects of Finland\'s aging population, in order to secure a domestic workforce, Finland needs to intake 44,000 immigrants each year which is triple the rate predicted by the Finnish Statistics Office.

Japan attracts Foreign Talents with Easier New Residency Regulations

The Japanese government is considering allowing graduates of the world's top universities to stay in Japan for two years to find jobs, a significant increase from the current 90-day period.

The Japanese government is considering allowing graduates of the world\'s top universities to stay in Japan for two years to find jobs, a significant increase from the current 90-day period.

The World’s Most Powerful Passport 2023 list

The trio of Japan, Singapore and South Korea are the Asian countries with the most powerful passports in the world in 2023 - according to the latest report published by global citizenship and residency consulting firm Henley & Partners which based in London.

Salary in the Eurozone will increase sharply

In its monthly report published on January 9, the European Central Bank (ECB) said that the euro area will see a very strong increase in salary next month to keep up with inflation.