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South Korea Eyes $120 Billion Chip Exports as India Joins Semiconductor Race

Published: 4.15.2024

South Korea's chip industry is setting its sights on exporting $120 billion worth of semiconductors annually. Industry Minister Ahn Duk-geun announced this target during a visit to a major chip fabrication complex under construction by SK hynix 

South Korea is developing the next-generation chips like high-bandwidth memory and those specifically designed for artificial intelligence (AI). The government is also stepping up its support for the industry by helping build essential infrastructure, securing access to cutting-edge chip-making technologies, promoting exports, and strengthening the domestic ecosystem for everything from chip materials to design firms.  


This initiative positions itself as a competitor to India, which has recently entered the global race for leadership in semiconductor manufacturing. Fueled by this ambition, the Indian government is reportedly evaluating proposals valued at roughly $26 billion for chip fabrication facilities. 


South Korea's chip giant, SK hynix, is leading the charge domestically. The company is building a huge chip fabrication complex with a price tag of $89.5 billion. The first phase of this project is expected to break ground in 2025 and will focus on producing DRAM and NAND flash memory chips.  


The intense focus on chip development by South Korea and India underscores the critical role of semiconductors in powering today's tech-driven world. These microscopic technologies are behind everything from everyday devices like smartphones and laptops to cutting-edge machinery and even life-saving medical equipment and dominating the supply of these chips grants a nation a significant edge in the global technological race.