South Korea's National Assembly passes "Special Act on Semiconductors": semiconductor factory construction approval time cut in half
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Update time : 2023-01-05 11:26:27
The South Korean National Assembly has passed a bill to amend the National Advanced Strategic Industries Act (also known as the "Special Act on Semiconductors"), which includes shortening the approval time for the construction of semiconductor plants, according to a report by Radio Korea International (ROKI) cited by Interface.
The bill was passed at a plenary session of the National Assembly on the afternoon of 28th, with 184 votes in favour, 4 votes against and 12 abstentions. According to the amendment, the processing time for prompt approval of the construction and operation of specialty industrial parks such as semiconductor parks will be shortened from 30 days to 15 days. The amendment also stipulates that the approval will automatically be deemed to be completed after 60 days from the date of the Minister of Industry, Trade and Resources' request for expedited approval. In addition, public bodies such as public enterprises and quasi-government bodies are also exempted from the Preliminary Feasibility Study.
It is understood that the amendment also includes science and engineering disciplines and industrial demand-oriented high schools as linkage institutions for professional talent training programs, and establishes the basis for adjusting the enrollment quota of relevant universities.
According to the Yonhap News Agency, the "Trends in Industrial Activity" data released by the Korea Statistical Office on 29th shows that the demand for information technology (IT) has shrunk due to the global economic downturn, resulting in an 11% drop in semiconductor production in January. According to an analysis by the Korea Statistics Agency, the slowdown in demand for smartphones and other products has led to an increase in semiconductor inventories, resulting in a significant decrease in production.
And in order to strengthen preparations for a global recession in 2023, as well as falling chip prices, unfavorable exchange rates and further interest rate hikes, South Korea's largest conglomerate, Samsung Group, held a rare meeting on Monday attended by the chief executives of all its subsidiaries, industry sources said, according to The Korea Herald. Monday's meeting came as Samsung is preparing for a gloomy outlook for next year, sources said. In particular, Samsung Electronics is highly likely to post a loss in the fourth quarter amid a gloomy outlook for the semiconductor market next year.
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