Meeting with Business Leaders, Hong Nam-ki Says "Considering Including Memory Semiconductors in R&D Tax Credit"

Meeting of Economic Organization Leaders Held on the 16th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said on the 16th, "We will consider including memory semiconductor design and manufacturing technologies in the tax credit targets for new growth and core technology research and development (R&D)."

On the same day, Hong held a meeting with heads of economic organizations at the Korea Chamber of Commerce and Industry and announced strategies to revitalize corporate investment and exports. At the meeting, Hong stated, "We will focus on fostering the BIG 3 industries such as system semiconductors, future cars, and biohealth, as well as the five post-BIG 3 key industries."

He added, "We will also accelerate the legislation for the implementation of corporate venture capital (CVC) and the introduction of multiple voting rights."

He said that corporate burdens will be eased through regulatory innovation. Hong said, "To resolve corporate difficulties and reduce burdens, we will actively promote amendments to the regulatory sandbox-related laws, add and discover approval cases, push for bold regulatory reforms, and legislate bills to enhance economic vitality such as the Framework Act on the Development of Service Industries. We will listen carefully to field opinions that can resolve corporate difficulties and reduce burdens from legal and institutional perspectives."

Hong also said, "We will consider extending the designation of special industrial crisis response areas such as Ulsan Dong-gu, Geoje, Mokpo, Yeongam, and Haenam," and added, "We will continue crisis support measures until the COVID-19 crisis is fully overcome."

Additionally, the government plans to extend support for special employment crisis industries until March next year and expand the support target industries to include the film industry, route bus industry, and others.