The South Korean government has announced a set of measures to foster the system semiconductor industry as part of efforts to enhance its overall competitiveness. 

The Ministry of Trade, Industry and Energy on Tuesday announced visions and strategies on system semiconductors drafted together with other related government ministries, including the Economy and Finance Ministry, Education Ministry and the Ministry of Science and ICT. 

Under the plan, the government will launch a cooperative platform, called Alliance 2.0, through which 25 suppliers and buyers of semiconductors and related research institutes will join hands in creating demand for “fabless firms.” 

Fabless firms refer to chip companies that design nonmemory semiconductor products, including system semiconductors, without their own manufacturing facilities while entrusting production to outsourcing firms called “foundries.”

The government expects the measures will help the country seize ten percent of the global fabless market by 2030. 

The government has also set its sight on developing the nation into the world’s number one in the foundry market by 2030, and plans to provide tax and financial assistance for local players.

The ministry said with the measures the country’s semiconductor industry will seek simultaneous growth in both memory and nonmemory segments, adding that 27-thousand additional jobs are expected to be created in the process.