DP presidential candidate Lee vows tax credit for semiconductor industry

Democratic Party (DP) presidential candidate Lee Jae-myung on Monday pledged to provide an up to 10 percent tax credit to local semiconductor manufacturers if he is elected, unveiling his first campaign pledge since his nomination.

In a Facebook post, Lee stressed the importance of maintaining global leadership in semiconductors, saying “global economic hegemony depends on who controls semiconductors.”

“While the United States, Japan and the European Union are competitively rolling out policies to support the semiconductor sector, our special chips bill has failed to pass the National Assembly due to the government and the People Power Party’s opposition,” he said.

“I will push for the enactment of the special law so that companies can fully focus on semiconductor development and production,” he added.

Lee, however, did not mention the controversial issue of exempting semiconductor workers from the 52-hour workweek regulation in his post.

Earlier this month, the DP moved to fast-track a special bill that focuses solely on industry support, excluding controversial provisions related to easing the 52-hour regulation.

Lee also vowed to offer semiconductor companies tax credits of up to 10 percent for chips produced and sold domestically.