As part of an aggressive push by the country to take the lead in crucial technologies, Samsung Electronics announced on Wednesday that it plans to invest 300 trillion Korean won ($228 billion) in a new semiconductor complex in South Korea, which the government claims will be the largest in the world. The investment, according to a Samsung representative, will take place between now and 2042.
The South Korean government is trying to join with its greatest technological companies to boost development in important sectors. The private sector will invest 550 trillion won by 2026, according to the government, on things like electric cars, processors, screens, and batteries.
Semiconductors, which are important parts of everything from cellphones to vehicles, are the main emphasis since they have grown to be a geopolitical hotspot. The sweeping effort by South Korea is regarded as a means of catching up to the United States’ own substantial semiconductor spending.
“President Yoon Suk-yeol said, given the current situation of global competition, we must swiftly push ahead with these plans as if it’s a matter of life and death,” Yoon’s spokesperson Lee Do-woon said in a briefing. While it’s important for a high-tech industry like semiconductors to grow through a mid-to-longer term plan, Yoon said.
The new 300 trillion won semiconductor plant that Samsung is constructing will be located not far from Seoul, the capital of South Korea.
Five chip production facilities will be developed by private companies in the cluster, the South Korean government revealed.
The largest manufacturer of memory chips is Samsung. These are semiconductors that are used in servers and laptops, among other things. The second-largest manufacturer of memory chips, SK Hynix, is likewise based in South Korea.