Opportunities in the world’s 2nd largest semiconductor market

What
  • South Korea has the world’s 2nd largest global semiconductor market with a strong presence in the memory chip, spending 5% of its GDP on the R&D sector. Memory chip segment has been dominated by South Korean companies, boasting 60% of the global market, whereas South Korea only holds less than 3% of market share in the system chip industry.

  • The South Korean government has initiated strategies to enhance its competitiveness of system chips by tax incentives, investments, and subsidies.
    • With the K-Chip Act, chipmakers are offered incentives for establishing new factories and companies receive increased tax credit which applies globally.
    • The government unveiled the plans for a USD 472 billion ‘Mega Semiconductor Cluster’ in Gyeonggi Province. The Cluster will be completed by 2042, focusing on logic semiconductor production. By 2047, Yong-In mega cluster and southern Gyeonggi Province will have 16 new plants, bringing the total to 37.

  • RISE Research Institute of Sweden signed a cooperation agreement with KEIT, KETI, KATECH, and KOMERI in September 2023 to intent to cooperate in various areas, here primarily in the maritime area as well as battery and power semiconductor research.


How
  • Establish as suppliers to the chip cluster, provide support in constructing necessary infrastructure, rent/sales of equipment, etc. In order to reach carbon neutrality by 2050, sustainable solutions and factories would be needed, and could provide opportunities for Swedish companies.

  • Korean semiconductor has competitiveness in memory chips and IDMs while Swedish competence lies in the power semiconductor and IC design based on the long legacy in the electronics – complementary to each other.

  • Promotion to Korean companies and research institutes to utilize Swedish testbeds and R&D institutions and increase investment to Swedish companies

Call to action 

Join Business Sweden for the Nordic Food Fair delegation to South Korea in furthering the market competence and in creating concrete business opportunities via business matchmakings with the leading retailers, importers and distributors and network with the stakeholders in the Korean food ecosystem.

We are partnering with Business Finland the Embassy of Denmark in South Korea in leveraging a wider network and hosting the event in a bigger scale. The program consists of market presentation, retail visits, a whole day of pre-arranged business matchmakings and a networking reception. By joining the program, Swedish food and beverage companies will:

  • Facilitate at least 5 business meetings with the relevant leading retailers, importers and distributors, such as Shinsegae, Hyundai, Lotte, Samsung, Emart, Homeplus and etc.
  • Develop new contacts with stakeholders in the Korean F&B ecosystem, including the food association, companies and Swedish players in the market.
  • Higher Korean F&B market competence with a presentation by an industry KOL and retail visits.

Business Sweden Seoul welcomes Swedish food and beverage B2B and B2C companies to the program in South Korea.

Please contact Soyeon.kang@business-sweden.se for more details.