Korean officials: In the face of competition, Korea is trying to maintain the advantage of the chip industry

On 6 August, the Korean Minister of Industry and Trade Resources, Kim Jong-gu, stated that unless South Korea helped chip manufacturers to accelerate investment, there was a risk of losing the advantage of the semiconductor industry, which was exacerbated by global competition. Kim Jong-gu indicated that by the end of the decade the size of the global repository chip market was expected to grow to about $1 trillion, and that the pace would be a decisive competitive advantage. He added that, since semiconductor customers rarely change suppliers once a product is adopted, the Republic of Korea cannot afford to lose market share in the current rapidly growing demand. Kim Jong-gu noted that the Republic of Korea currently accounts for approximately 65 per cent of the global storage chip market. He also warned that a wider redistribution of industry profits should not be promoted. Kim indicated that rather than discussing how to distribute windfall revenues from the chip industry, policymakers should focus on helping businesses reinvest funds。