S.Korea's parliament approves bill to offer increased tax breaks for strategic industries

South Korea's parliament on Thursday approved a bill that offers large tax breaks to strategic industries, including semiconductors, investing at home to strengthen its supply-chain security while boosting the economy.

The bill comes as other countries introduce steps to bolster domestic chip industries, including the United States which last month released details of the Chips Act, offering billions of dollars in subsidies for chipmakers that invest in the country.

Also Read: South Korea's Yoon seeks friend in Tokyo amid regional tensions

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)