South Korea is planning to establish the world's largest chip manufacturing facility with Samsung Electronics' collaboration. According to CNN, the country's President is planning to invest 230,000 million dollars in the project.
The company has thus joined the government's ambition, which includes spending some 422,000 million on the development of components in various industries, including chips, batteries, robots, biotechnology, and electronic vehicles. To accomplish this, they will establish design centers, and establish businesses that supply materials to strengthen the country's supply chain.
Samsung's investment, which is crucial to the above government plan, will last for two decades — until 2042. It will be used to construct various facilities on the outskirts of Seoul in the Yongin province, which is part of the country's capital.
With the intention of forming a "semiconductor mega cluster," the authorities want to link various sections of the semiconductor supply chain, from chip development to manufacturing.
Samsung will construct five chip factories as part of this project, according to him. The authorities have stated that they will review their Industrial Technology Protection Law, although they have not given specifics on what changes they will make to it.
Samsung confirms that their government's investment in the initiative would reach 230,000 million dollars, without providing much more detail on South Korea's chip development program.
The South Korean government plans to strengthen high-tech industries by collaborating with various companies, and will offer enhanced tax benefits to high-tech enterprises, all apart from the announcement made by the South Korean Minister of Science and Information Technology, who has been awarded 642.5 million dollars.