SEOUL-- President Yoon Suk Yeol visited a silicon wafer production facility Wednesday, vowing to spare no assistance for companies making bold investments.

Yoon visited the headquarters of SK siltron, a manufacturer of silicon wafers for semiconductors, in Gumi, 202 kilometers southeast of Seoul, to attend a ceremony marking the company's planned 1.2 trillion-won (US$975 million) investment in a new wafer production facility.

"Today's investment agreement will not only help the local production of semiconductor materials and secure supply chains, but also serve as a foundation for vitalizing the local economy by creating around 1,000 jobs," he said.

"The government will not spare any assistance for companies that make bold and preemptive investments from a long-term perspective," he said, citing policy efforts and a drastic increase in tax credits.

Yoon called for further investment, saying South Korea's semiconductor industry is being threatened by competitors with export controls, subsidies, tax credits and other means.

"We must put greater effort into the domestic production of materials, parts and equipment, and respond preemptively to the decline in memory chip prices and weakening demand caused by the economic slump," he said. "The government and businesses must join forces to overcome this together."

Source: Yonhap News Agency