The South Korean government will double semiconductor engineering student capacity at the country’s top-level technology institutes for the chip industry grappling with talent shortages, and expand tax benefits and infrastructure aids amid intensifying competition in the global market.

Korea’s Ministry of Science and ICT on Monday said it will double the semiconductor student enrollment capacity at the country’s four public technology institutes - Korea Advanced Institute of Science and Technology (KAIST), Gwangju Institute of Science and Technology (GAIT), Daegu Gyeongbuk Institute of Science and Technology (DGIST), and Ulsan National Institute of Science and Technology (UNIST) in five years from current 320 students to 700 students – 200 bachelors, and 500 masters and doctors.

For bachelor level students, the government will continue to run college programs in collaboration with companies for guaranted jobs in the semiconductor industry upon graduation. Under the current law, each college is allowed to accept 20 percent of its total enrollment for its job-guarantee program set up in partnership with companies.

The latest state-sponsored talent grooming plan for the semiconductor industry was announced during a meeting held on Monday by Minister of Trade, Industry and Energy Lee Chang-yang with officials from SK hynix and other semiconductor parts and materials suppliers to discuss the key industry issues.

Lee promised more state supports for semiconductor firms facing intensifying competition from global rivals. He said the new government under President Yoon Suk-yeol plans to expand investment in the country’s chip sector to help companies secure more professionals and enhance the country’s semiconductor ecosystem.

Starting with the project to groom more semiconductor experts at tech schools, the government is reviewing to expand tax benefits for chip facility investment and promote the use of locally produced materials, parts and machinery. The government will announce its detailed support programs to foster the growth of the country’s semiconductor industry by June, said Lee.

Countries around the world are moving aggressively to lead the semiconductor market. The United States is discussing to invest $52 billion on semiconductor facility expansion and R&D projects over the next five years. Japan already created an extra budget of 600 billion yen ($4.7 billion) for supporting its semiconductor firms. The European Union is studying a plan to make 43 billion euros ($46 billion) investment in its chip sector through 2030.

By: DocMemory
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