South Korea to Spend $19 Billion on Chips in Record Boost to Sector

(Bloomberg) — South Korea has unveiled a $19 billion package of incentives to bolster its chip sector, a boost for Samsung Electronics Co. Ltd. and SK Hynix Inc. as they race to stay ahead in an increasingly competitive field.

The 26 trillion won program includes 17 trillion won of financial support for certain investments as well as tax incentives, the presidential office said. The total is more than double the 10 trillion won Finance Minister Choi Sang-mok had proposed less than two weeks ago. Shares in Samsung and SK Hynix ended about 1% higher.