The South Korean government has announced 13 regulatory reforms, including improvements to industrial-park approvals and bonded-area and customs procedures, to shorten waiting times for each process from semiconductor-factory construction through exports. It is reportedly scheduled to submit a bill to the National Assembly in July.
The government is considering introducing a fast-track process under which procedures such as approvals, land compensation, and design would proceed in parallel at each stage, from the development of semiconductor industrial parks through factory construction, production, and exports. The aim is to shorten the period from industrial-park development to semiconductor-fab operation, and work is under way to prepare related legislation and submit amendment bills.
Reviews of bonded-area and customs procedures are also under way. The policy is to reduce waiting times for export projects by expanding designations of comprehensive bonded areas and by allowing the storage of parts for foreign-made equipment and the advance storage of repair parts. Measures aimed at reducing the burden at worksites are also included, such as deferring tax payments on analytical equipment and easing requirements for advance payment of taxes on construction materials.
In addition to considering special working-hour rules for core semiconductor R&D personnel, the government has listed measures to expand support for demonstrations involving materials, parts, and equipment. These measures seek to shorten R&D timelines and expand demonstration opportunities by simplifying external inspection procedures for R&D prototypes and providing a gift-tax exception for operating entities of semiconductor testbeds serving the public interest.
The government will establish a system for managing each company's investment schedule by using a cross-ministry coordination office chaired by the president. Efforts are under way to prevent delays in investment plans through on-site support provided by the Semiconductor Innovation Growth Support Group and the introduction of regulatory exceptions using special zones for strategic industries in ultra-wide-area regions.
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