Trending

Stories

S. Korea to cut import tariffs on key materials for chipmaking to zero

Must Read

South Korea on Thursday announced plans to cut import tariffs on neon, xenon, and krypton key material gases used for chipmaking to zero next month in a bid to ease a potential supply crunch amid the Ukraine crisis.

The government said it plans to lower duties on the three materials under the quota tariff system to zero from the current 5.5 percent in April as South Korea heavily relies on its imports from Russia and Ukraine.

Also Read

South Korea will also push to secure crude oil produced overseas through energy development projects by the state-run Korea National Oil Corp. when energy supply strain arises, reports Yonhap News Agency.

The move is part of state efforts to tackle potential supply chain disruptions amid escalating tensions over Russia’s invasion of Ukraine and global sanctions against Moscow.

“If the situation gets protracted, we are very concerned that its impact on the economy will likely expand, given that the effect of the Ukraine crisis on the real economy has begun to be felt,” Finance Minister Hong Nam-ki said.

South Korea’s exports to Russia and Ukraine fell 11 percent and 99 percent, respectively, in the first 10 days of March from a year earlier.

The country’s consumer inflation rose 3.7 percent on year in February, marking the fifth straight month that inflation has grown more than 3 percent, amid surging energy costs.

South Korea joined the multinational move to impose sanctions on Russia, including export controls and removing Moscow from the SWIFT global payment system.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
Xiaomi 13 Ultra Global Launch: Offers, Price, Specs Meta Unveils Quest 3 VR Headset, Reduces Price for Quest 2 Foxconn to Manufacture iPhones in Karnataka, India: Creating 50,000 Jobs Amazon Echo Pop: Stylish Semi-Sphere Smart Speaker in India Redmi Display A27: Affordable 27 Inches Monitor with 100Hz Refresh Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot
Xiaomi 13 Ultra Global Launch: Offers, Price, Specs Meta Unveils Quest 3 VR Headset, Reduces Price for Quest 2 Foxconn to Manufacture iPhones in Karnataka, India: Creating 50,000 Jobs Amazon Echo Pop: Stylish Semi-Sphere Smart Speaker in India Redmi Display A27: Affordable 27 Inches Monitor with 100Hz Refresh Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech