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South Korea Announces $34 Billion Fund to Support Strategic Industries

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South Korea has unveiled plans to establish a $34 billion policy fund aimed at providing financial support to companies operating in strategic sectors such as semiconductors and automotive manufacturing. The government’s decision is driven by escalating global competition and rising protectionist policies, particularly from the United States.

The state-run Korea Development Bank will manage the 50 trillion won fund, which will be distributed to firms in key industries over the next five years. The support will take the form of low-interest loans and investments. This initiative is part of South Korea’s broader strategy to strengthen its position in industries vital to its national economic security.

As the global landscape grows increasingly competitive, South Korea has identified 12 sectors as “national strategic technologies,” including semiconductors, future mobility, rechargeable batteries, biopharmaceuticals, aerospace, and artificial intelligence. These sectors will receive enhanced financial backing and protection to address challenges such as the fragmentation of global supply chains.

Additionally, the government’s semiconductor support package, introduced last year, will be incorporated into this new fund. In a bid to attract talent, South Korea also plans to offer “top-tier” visas and permanent residency to skilled foreign workers with experience in global firms, making it easier for them to join the country’s advanced technology sectors.

Samsung Electronics Union Approves 5.1% Wage Increase

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Samsung Electronics’ main union in South Korea has approved a 5.1% wage increase for 2024, finalizing a deal reached last month between the company and the National Samsung Electronics Union (NSEU). The agreement, which required ratification by union members, also includes additional benefits such as company product purchase points and 30 Samsung Electronics shares per employee.

The NSEU, representing approximately 36,000 members—around 30% of Samsung’s South Korean workforce—has previously engaged in strikes to demand better pay and working conditions. However, Samsung maintained that production remained unaffected during the disputes.

This resolution comes as Samsung Electronics faces intensified competition in the semiconductor market, particularly in AI-related memory chip production. The deal helps stabilize labor relations at a crucial time for the world’s largest memory chipmaker as it seeks to strengthen its position in the industry.

Trump and Nvidia CEO Discuss DeepSeek and AI Chip Export Restrictions

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U.S. President Donald Trump and Nvidia CEO Jensen Huang held a meeting at the White House on Friday to discuss the rise of China’s DeepSeek and potential restrictions on AI chip exports. The discussions centered around the growing competition from DeepSeek, a Chinese AI company that recently launched an advanced model, which is seen as a challenge to U.S. technological dominance. DeepSeek’s performance has raised alarms, prompting concerns about China’s progress in AI, with the company’s app becoming a global sensation within days of its launch. The meeting also covered tightening restrictions on Nvidia’s AI chip exports, particularly its H20 model, to China. U.S. lawmakers have called for further scrutiny of AI chip sales to China, and the Commerce Department is investigating whether DeepSeek has used restricted U.S. chips.