Asia Tech Wire (Oct 17) -- South Korea will invest 8.8 trillion won ($6.4 billion) to promote the Yongin semiconductor cluster.

The Korean government held a meeting of economic relations chiefs on Wednesday, unveiling the advancement of the comprehensive support program for the semiconductor ecosystem and future plans.

Until next year, the Korean government will invest a total of 8.8 trillion won ($6.4 billion), including 4.7 trillion won in financial subsidies, 1.7 trillion won in fiscal subsidies, and 2.4 trillion won in infrastructure costs, to promote the construction of the Yongin Semiconductor Cluster and build a semiconductor ecosystem.

The Yongin cluster will stand on a 4.15 million-square-meter site in Wonsam-myeon, Yongin, Gyeonggi Province, and will be the world's biggest semiconductor cluster.

In addition, South Korea will also set up a 420 billion won semiconductor ecological fund and extend the national strategic technology research and development and investment tax credit policy for another three years.