- Japan’s leading semiconductor makers, from Toshiba Corp TOSYY to Sony Group Corp SONY, warned against a crisis of engineers threatening the government’s push to revive its domestic chip industry, the Financial Times reports.
- The Japan Electronics and Information Technology Industries Association highlighted how the sector’s success hinged on securing enough talent.
- The group expected eight big producers to hire about 35,000 engineers in the next ten years to keep up with the pace of investment.
- Japan ceded its dominance to companies in South Korea, Taiwan, and China following a ravaging trade conflict with the U.S. triggering mass lay-offs of engineers following the global financial meltdown in 2008. A Tokyo University professor ascribed the crisis to the dearth of engineers.
- An expert said that students studying semiconductors prefer financial institutions or tech companies as the chip industry has lost its sheen.
- Therefore, Toshiba, Sony, and others bonded with the best science departments and ramped up funding for chip research and recruitment.
- U.S. and Japanese governments had expressed their support for the industry.
- Taiwan Semiconductor Manufacturing Company Ltd TSM bonded with Sony over an $8.6 billion plant on the southern island of Kyushu and looked to hire 1,700 workers for the facility. The government offered subsidies of up to ¥476 billion ($3.5 billion).
- Kioxia and joint venture partner Western Digital Corp WDC spent ¥1 trillion on a factory in central Japan and looked to allocate another ¥1 trillion for a factory in northern Japan.
- Renesas Electronics Corp RNECY looks to invest ¥90 billion to reopen a factory to expand the production of semiconductors used in electric vehicles.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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