09:13 AM EDT, 05/23/2024 (MT Newswires) -- South Korea has unveiled a 26 trillion won ($19.09 billion) package to support its semiconductor market, multiple media outlets reported Thursday, citing the country's President Yoon Suk Yeol as saying in a meeting with government officials.

A 17 trillion won package was planned through Korea Development Bank for chip producers and suppliers to invest in semiconductor infrastructure, the outlets reported, citing the president.

South Korea's share in the international fabless industry - an industry term for a semiconductor company without a production line - is around 1%, the outlets said, citing Yoon.

"As we all know, semiconductors are a field where all-out national warfare is underway. Win or lose, that depends on who can make cutting-edge semiconductors first," Reuters quoted Yoon as saying to officials

The global fabless sector is dominated by Nvidia ( NVDA ) , while there is also a gap among local chip producers and leading contract chip manufacturers like Taiwan Semiconductor Manufacturing Company ( TSM ) , the outlets said, citing Yoon.

South Korea President Yoon's Office could not be immediately reached for comment by MT Newswires.

Nvidia's ( NVDA ) stock rose nearly 7% in recent Thursday premarket activity, while Taiwan Semiconductor Manufacturing's ( TSM ) shares were up nearly 3%.

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