Choo visits SK Hynix Icheon

Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho visited SK Hynix's Icheon plant on September 27 to inspect the semiconductor production site and hold a meeting with industry officials. This visit was designed to encourage the semiconductor industry and listen to industry trends and difficulties. He heard about the production process and looked at the DRAM production facility and manufacturing environment. He said that the global semiconductor industry showed signs of recovery from the fourth quarter of 2023 due to supply and demand adjustments such as production cuts, and is expected to recover in earnest in 2024. Participants recommended improving investment conditions through tax incentives and regulatory relief, and supporting the expansion of key infrastructure to ensure timely deployment of manufacturing facilities. As domestic semiconductor companies are making large-scale investments to improve their competitiveness in the mid- to long-term, such as the 120 trillion won SK Yongin semiconductor cluster and the 300 trillion won Samsung Yongin system semiconductor cluster, they need the government's continuous and active support. In response to the company's request for state funding for the construction of a mini-fab (a research equipment facility for mass-production verification of small-scale products), which is scheduled to begin in the Yongin cluster in 2025, Choo said that the government needs to make quick decisions in order to ensure that companies can fulfill their equipment introduction contracts smoothly, and that he will actively consider it during the budgeting process for the next fiscal year. 

Choo visits child care centers

On September 25, Choo visited the Gukje Woomyeon-dong Community Children's Center in Seocho-gu, Seoul, to deliver holiday gifts to the center's workers and children. He inspected the local children's center facilities, listened to the difficulties of workers, and spent time making songpyeon and talking with the children. He explained the increase in manpower and operating expenses for local children's centers included in the 2024 government budget. Participants in the meeting expressed their gratitude that the government has taken an interest in their concerns, such as improving the treatment of community children's center workers and expanding the workforce, and reflected them in next year's budget. A welcoming statement was issued, stating that it would be very helpful for community childcare centers to be able to provide transportation to and from school, expand primary care until 20:00, and participate in the operation of care programs. For stable childcare services, the government will raise childcare fees for daycare centers by 5% next year, more than double the inflation rate forecast, and provide additional childcare support (23.2-62.9 million won per child) for those who do not meet the capacity of a daycare center's infant class (0-2 years old). The government will more than double the number of part-time childcare centers (from 1,030 to 2,315) to ease the care burden on working couples, while expanding the number of households supported by childcare services from 8.5 to 110,000.