FKCCI Welcomes the Push to Raise Semiconductor Tax Credit Rate

Statement from the Federation of Korean Industries

[Asia Economy Reporter Kim Pyeonghwa] The Federation of Korean Industries (FKI) has expressed a "welcoming" stance after the government proposed an increase in the tax credit rate for facility investments in national strategic technologies, including semiconductors.

On the 3rd, Yoo Hwan-ik, head of the FKI's Industry Division, stated, "Amid expectations of the worst winter for the semiconductor industry this year, we anticipate that the government's amendment will serve as a catalyst to rekindle the fading flames of private investment."

He added, "In a situation where countries around the world are waging an all-out battle to strengthen competitiveness and attract investment in advanced industries such as semiconductors, this measure is expected to play a significant role in helping Korea secure future industrial leadership and sustain industrial and corporate growth in the long term."

He also urged, "We hope that the ruling and opposition parties will unite to promptly pass this amendment in the extraordinary session of the National Assembly so that our companies can maintain competitiveness in the fierce global industrial war."