South Koreas Minister of Industry and Commerce Resources, Androgen, promised on Thursday that the government would continue to vigorously support the development of the semiconductor industry, accelerate the development of areas such as high-bandwidth memory and artificial intelligence chips, and strive to the target of $120 billion of chip exports annually.

During a visit to the new factory site of Korean major chip manufacturer SK Healyx, located in Allo Nanto, Andren said the government plans to develop a comprehensive strategy to make Korean enterprises take the lead in the field of AI chips. For this purpose, the Ministry of Industry and Commerce Resources will set up a new department this month to support the development of industrial clusters and introduce relevant comprehensive support measures.

It is understood that SK Healey is seeking to build four advanced manufacturing plants in the region in a row, investing up to $120 trillion (about $955 billion), mainly producing DRAM and NAND flash chips, to build its flagship production base.

In addition to supporting the development of AI chips, Androgen also revealed that the government will develop specific plans to improve the competitiveness of chip devices in the first half of the year.

It is worth noting that South Korea’s chip exports haveined a rapid growth momentum in recent months.The data showed that South Korea’s chip exports grew by 66.7% to $99.4 billion in February, a positive growth for the fourth consecutive month, and the largest monthly increase since October 2017.

Analysts believe that the South Korean government supports the development of the domestic chip industry, in addition to boosting the domestic economy, it is more intentional to consolidate South Koreas important position in the global chip industry chain, occupying a favorable position in the fierce competition with countries such as China.