The South Korean Congress passed the "Special Law on Semiconductors": the approval time for the establishment of semiconductor factories was halved

Source: Home of IT Author: Sino Ocean

    On December 29, it was reported that the interface quoted South Korea Radio International as reporting that the South Korean Congress had passed the amendment to the National Advanced Strategic Industry Law (also known as the "Special Law on Semiconductors"), which included shortening the approval time for the establishment of semiconductor factories.

    The Korean Assembly held a plenary meeting on the afternoon of the 28th and passed the above-mentioned bill with 184 votes in favor, 4 against and 12 abstentions. According to the amendment, the rapid approval processing time for the construction and operation of characteristic industrial parks such as semiconductor was shortened from 30 days to 15 days. The amendment also stipulates that 60 days after the Chief of the Ministry of Industry, Commerce and Resources requested prompt approval, the approval will be automatically deemed as completed. In addition, public institutions such as public enterprises and quasi government institutions are also included in the exemption objects of the preliminary feasibility study.

    It is learned that the amendment also lists science and engineering disciplines, industry demand oriented high schools, etc. as linkage institutions of professional talent training projects, and provides basis for the adjustment of enrollment quotas of relevant universities.

     In addition, Yonhap reported that the "trend of industrial activities" data released by the Korean Statistical Office on the 29th showed that the demand for information technology (IT) shrank due to the global economic downturn, resulting in a sharp decline of 11% in semiconductor production in January. According to the analysis of the Korean Statistical Office, the growth of demand for smart phones and other products slowed down, leading to an increase in semiconductor inventory, which led to a sharp decrease in production.

   According to the Korean Herald, industry insiders said that Samsung Group, the largest enterprise group in South Korea, held a rare meeting attended by the CEOs of all affiliated companies on Monday in order to strengthen the preparation for the global economic recession in 2023, the decline of chip prices, the adverse exchange rate and further interest rate hikes. Sources said that at the time of the meeting on Monday, Samsung was preparing for a bleak future next year. Especially when the semiconductor market outlook is bleak next year, Samsung Electronics is likely to lose money in the fourth quarter.