South Korea wants tax cuts on US investment by companies such as Samsung

Seoul — South Korea has demanded incentives from the United States, such as tax deductions and infrastructure construction, to ease US investment by South Korean companies, including major chip maker Samsung Electronics, the presidential office said Friday.

South Korean President Moon Jae-in is US Secretary of Commerce Gina Raimondo, her South Korean counterpart, and Chief Executive Officer of Qualcom, Samsung and other executives in Washington for a summit meeting with US President Joe Biden. Supply chain cooperation that told a gathering of CEOs that the two countries could benefit from strengthening.

Biden has advocated support for the US chip industry amid a global chip shortage that has hit automakers and other industries.

He met with executives from major companies, including Samsung, in April and previously announced plans to invest $ 50 billion in semiconductor manufacturing and research.

South Korean President Blue House added in a statement that Samsung plans to invest $ 17 billion in a new plant for contract manufacturing of chips in the United States, confirming the previously reported plan.

According to a document filed with Texas authorities in February, Samsung considers Austin, Texas as one of the sites for a new $ 17 billion chip factory that states that Korean companies can create 1,800 jobs. There is.

No new publications have been submitted since March for potential applications for the Texas Chipplant. The Texas Treasury Manager’s website showed on Friday.

According to the Blue House, the U.S. Department of Commerce and the Korean Ministry of Industry need policy measures such as incentive support, joint R & D and standard-setting cooperation, and human resource development and exchange for ongoing chip industry cooperation. Agreed to.

Meanwhile, DuPont has announced plans to set up an R & D center in South Korea to develop its own chip technology, such as photoresists for extreme ultraviolet (EUV) lithography, Blue House said.

Joyce Lee

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