South Korea unveiled plans by leading firms such as Samsung Electronics Co. and SK Hynix Inc. to spend more than $470 billion establishing the world’s largest chipmaking cluster, joining a global race to safeguard domestic supply.
The government on Monday outlined a blueprint involving investment of 622 trillion won ($471 billion) from the private sector in the years leading up to 2047. They will spend the money to build 13 new chip plants and three research facilities, on top of an existing 21 fabs. Spanning Pyeongtaek to Yongin, the area is expected to be the largest in the world, capable of producing 7.7 million wafers monthly by 2030.
The envisioned investment is up sharply from when Seoul first unveiled Samsung’s and Hynix’s plans in 2023. Korea’s government, which works closely with private firms on national imperatives, has been boosting its support for a domestic chip sector that accounts for about 16% of total exports.
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Curated by Arun