South Korea Tax Breaks to Spur Production of Auto Chip Parts

May 25, 2021, 2:42 PM

South Korea will support car semiconductor parts makers with tax incentives and financial support, Finance Minister Hong Nam-ki said Tuesday.

The government aid is part of a plan to coordinate and develop eight key components and materials, including automotive chip parts and rare-earth permanent magnets for electric vehicles, Hong told a meeting at the Central Government Complex, the ministry said in a release. He didn’t put a price tag on the tax breaks.

  • If successful, the government predicts the projects will draw private investments of 140 billion won ($125 million) and create nearly 500 jobs by 2025, while encouraging ...

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