Samsung Electronics said that it plans to spend $228 billion on a chip facility in South Korea, which will be the world’s largest Semiconductor complex, as part of a push by South Korea to avail a lead in critical technologies.
This semiconductor complex will be built just outside of the capital of South Korea, Seoul.
A Samsung spokesperson said, “The investment will happen over the years to 2042.”
The South Korean government is aiming to join its biggest tech companies to give a push to development in key areas.
The South Korean government said, “550 trillion Korean won will be invested by the private sector by 2026 in areas including chips, displays, batteries, and electric vehicles.”
The big focus of South Korea is on semiconductors. This expansive move of South Korea is seen as an attempt to catch up with the aggressive chip investments the USA is making.
President Yoon Suk-yeol said, “While it’s important for a high-tech industry such as semiconductors to grow through a mid-to-longer-term plan, we must swiftly push ahead with these plans as if it’s a matter of life and death, given the current situation of global competition.”
Lee Chang-yang, South Korea’s trade, industry, and energy minister, said, “In selecting the new locations, we’ve taken into consideration the synergy effect that could be seen from existing semiconductor clusters.”