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Samsung Electronics Co Ltd said on Wednesday it would invest around 300 trillion won ($230 billion) by 2042 to develop what the government called the world's largest chip manufacturing base, in line with efforts to improve the chip industry in South Korea. The amount represents the bulk of the 550 trillion won private sector investment announced by the government on Wednesday, part of a strategy that expands tax breaks and infrastructure support to boost the competitiveness of high-tech industries, including those involving chips, displays and batteries Samsung's manufacturing additions will include five chip factories and attract up to 150 materials, parts and equipment manufacturers, factory-free chipmakers and semiconductor research and development organizations, the company said in a Commerce Ministry press release, Industry and Energy.
Other countries have announced plans to boost domestic chip industries, including the United States, which last month released details of its CHIPS Act, which offers billions of dollars in subsidies to chipmakers investing in the country.
South Korea, home to the world's two largest memory chipmakers, Samsung Electronics and SK Hynix Inc, is looking to improve supply chain stability to become a major non-memory chip player, currently dominated by by chip makers such as Taiwan Semiconductor Manufacturing Co Ltd and Intel. corporation
