Seoul, May 13 (TIWN) South Korea said on Thursday it plans to provide massive tax incentives and state subsidies to chipmakers to encourage them to spend a combined $453 billion by 2030, in line with its vision to become a global powerhouse in both memory and non-memory chips.

Under the plan dubbed the K-semiconductor blueprint, the government will also draw up a 1.5 trillion-won budget to support the development of next-generation power semiconductors and AI chips, according to the Ministry of Trade, Industry and Energy.  Another batch of 1 trillion won worth of low-interest loans will be provided to support facility investment by local chipmakers, including 8-inch wafer foundry lines. South Korea is home to leading global players including Samsung Electronics Co. and SK hynix Inc.  The 510 trillion-won ($453 billion) investment plan includes 41.8 trillion won in investment estimated for 2021.  Aided by a set of supporting measures, South Korea aims to more than double its annual outbound shipments of chips to reach a whopping $200 billion in 2030 from $99.2 billion tallied in 2020, reports Yonhap news agency.  President Moon Jae-in received a related report in person, as he visited Samsung's semiconductor manufacturing centre in Pyeongtaek, Gyeonggi Province, which is being developed as the world's largest chip production complex.