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South Korea seeks tax breaks for firms such as Samsung that invest in the United States.

Berita 24 English - South Korea has requested incentives from the United States, including tax breaks and assistance for stable electricity...

Berita 24 English
- South Korea has requested incentives from the United States, including tax breaks and assistance for stable electricity and water supply, to facilitate investment by Korean firms, including chipmaker Samsung Electronics.

South Korean President Moon Jae-in, who is in Washington for a summit with US President Joe Biden, told a gathering of US Secretary of Commerce Gina Raimondo, her Korean counterpart, and executives from Qualcomm, Samsung, and other companies that both countries can benefit from enhancing supply chain cooperation.

Biden has argued for continued support for the United States' chip industry in the face of a global chip shortage affecting automakers and other industries.

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

According to South Korea's presidential Blue House, Samsung plans to invest $17 billion in a new chip contract manufacturing facility in the United States, confirming previously reported plans.

In February, documents filed with Texas state officials revealed that Samsung is considering Austin, Texas, as one of the possible locations for a $17 billion chip manufacturing facility that the South Korean company claims will create 1,800 jobs.

Since March, no new public documentation on the proposed Texas chip plant application has been filed, according to the Texas Comptroller of Public Accounts' website on Friday.

At Samsung's existing Texas chip plant, a shutdown in the first quarter due to blackouts caused by a winter storm damaged wafers worth approximately 300-400 billion won ($266-$355 million), Samsung previously stated.

The US Department of Commerce and the Korean industry ministry agreed that to sustain chip industry cooperation, policy measures such as incentive support, joint research and development, standard-setting cooperation, and manpower training and exchange are necessary, the Blue House reported.

Meanwhile, DuPont announced plans to establish a research and development centre in South Korea to develop novel chip technologies such as photoresist for extreme ultraviolet (EUV) lithography, according to a statement from the Blue House.

(1 dollar equals 1,126.8500 won)

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