South Korean President Yoon Suk Yeol on Thursday announced a record $19-billion-dollar support plan for the country's crucial semiconductor industry.

"We have created a comprehensive support programme for the semiconductor industry worth KRW 26 trillion which encompasses financial, infrastructure, research and development, as well as support for small and medium-sized companies," he said, according to a statement from his office. The package includes a $7 billion investment announced earlier this month.