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17h ago

Lee Jae-myung Pledges Tax Incentives to Boost South Korea’s Semiconductor Industry

Democratic Party candidate unveils first campaign policy with up to 10% tax credits for chipmakers, emphasizing global competitiveness and legislative action.

Lee Jae-myung (2nd from L), then leader of the liberal Democratic Party, speaks during a meeting on the special chips bill at the National Assembly in Seoul in this Feb. 3, 2025, file photo. (Yonhap)
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Overview

  • Lee Jae-myung, the Democratic Party's presidential nominee, announced his first campaign pledge, promising up to 10% tax credits for domestic semiconductor manufacturers.
  • Lee highlighted the strategic importance of semiconductors, stating that global economic leadership hinges on controlling this critical industry.
  • The candidate criticized opposition from the government and the People Power Party for stalling a special chips bill in the National Assembly.
  • He vowed to pursue the enactment of a special law to support semiconductor development and production, focusing on industry growth without addressing labor-hour exemptions.
  • This policy aligns with global efforts by the U.S., Japan, and the EU to strengthen their semiconductor sectors, reinforcing South Korea's role in the competitive tech landscape.