South Korea plans to bolster its fiscal support for domestic chipmakers next year, shoring up an industry that may face unfavorable policies from the incoming Trump administration and more intense challenges from Chinese rivals.

South Korea plans to roll out 14 trillion won ($10 billion) of low-interest loans next year to support its chip industry, the finance ministry said, as the sector grapples with Chinese competition and uncertainties over a new U.

The country is constructing what it expects to be the world's largest high-tech chipmaking cluster in Yongin and Pyeongtaek.