The government has announced plans to bolster South Korea's semiconductor industry that include tax incentives and government support for related companies while fostering talent by the thousands in the semiconductor field.

Minister of Trade, Industry and Energy Lee Chang-yang said on Thursday that tax benefits for infrastructure as well as research and development will be provided over the next five years to facilitate the chip makers’ 340 trillion-won investment plan.

The government will provide financial support for the construction of roads, power grids, utilities and other infrastructure at chip complexes in Pyeongtaek and Yongin in Gyeonggi Province, while the plan also includes swift approval for semiconductor complex construction projects.

They will also help train 150-thousand skilled workers in the field over the next ten years, while establishing a “semiconductor academy” that will expedite the process.

The government has also set goals to increase the nation’s global market share of system chips from the current three percent to ten percent by 2030 and boost the rate of domestic supply for materials, parts and equipment from the current 30 percent to 50 percent.