The Korea Semiconductor Industry Association, the Korea Biotechnology Industry Association, and the Korea Battery Industry Association welcomed the tax law amendments that support three major new industries: semiconductors, batteries, and vaccines.

The Korea Semiconductor Industry Association, the Korea Biotechnology Industry Association, and the Korea Battery Industry Association released a statement on the tax law amendment on the 26th.

According to this, semiconductors, batteries, and vaccines have become essential national industries that are indispensable not only for our economic activities but also for the daily lives of our people. Countries around the world are already looking at the three essential industries of semiconductors, batteries, and vaccines from the perspective of national economic security, and are pursuing strategies to secure competitiveness at the national level.

He also said that although we are in a situation where we need to solidify our world-class competitiveness in the three essential industries, it is uncertain how long we can maintain our advantage in the face of increasingly fierce competition, and that this is not a problem for a specific company, but a situation where the government and industry must work together as a team and make an all-out effort to respond.

He continued, “The 2021 tax law amendment contains provisions to strengthen investment tax support for technology and industrial fields that are urgent from a national industry and security perspective,” and added, “I think it is very timely in that the country is taking preemptive measures to avoid missing the golden time to secure the future market.”

According to a survey conducted by three associations, including the Korea Semiconductor Industry Association, the Korea Biotechnology Industry Association, and the Korea Battery Industry Association, securing true competitiveness in the three essential industries requires that small and medium-sized companies in the material, component, and equipment industries grow together with large corporations. The 2021 tax law amendment bill will help secure at least 2.He said that more than 00 small and medium-sized enterprises are expected to benefit, and that these enterprises are expected to grow into companies that play a key role in our future economy.

In addition, he said that the 2021 tax law amendment will be a sufficient catalyst to promote the creation of a healthy ecosystem in which large and small businesses in the three essential industries can grow together, and that it should not be evaluated solely based on one-dimensional and arithmetical interpretations such as direct tax burden reduction benefits according to company size.

The three associations stated, “Using the 2021 tax law revision as a springboard, the industry plans to boldly pursue facility investment and technological development to secure the competitiveness of the three essential industries.” They added, “Our associations will do our best to lead close cooperation between the public and private sectors and contribute to the growth of our industries and prepare for the future of our economy.”