South Korea Passes Bill Strengthening Semiconductor Industry Support

The National Assembly on Thursday passed a special bill to expand government support for South Korea's semiconductor industry, creating legal grounds for designated semiconductor clusters and financial assistance. The law allows reduced regulations for infrastructure—power, water and roads—and authorizes tax incentives, but excludes an exception to the 52-hour workweek. Samsung Electronics and SK hynix are building new fabs in Yongin, forming a major cluster.