Samsung Earmarks $229B To Cement Korea's Chip Building Position As US - China Intensifies - Samsung Electronics Co (OTC:SSNLF)

Samsung Electronics Co, Ltd SSNLF proposes to spend about 300 trillion won ($229 billion) over the next two decades to build a new chipmaking complex on the outskirts of Seoul.
On Wednesday, South Korea President Yoon Suk Yeol shared plans to invest $422 billion into chips, batteries, robots, electric vehicles, displays, and biotechnology in an investment plan through 2026, Bloomberg reports.
South Korea eyes hubs housing chipmaking mega-plants, design houses, and material suppliers to bolster the country's supply chain.
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Samsung looks to build five memory and foundry fabs in a new chip cluster in Yongin by 2042, seeking to attract over 150 local and foreign chip companies.
Samsung has been aggressively expanding its most advanced plants at home in Pyeongtaek. It also plans to build a new foundry in Taylor, Texas, by 2024, weighing future factories, including Texas and Europe.
"The hegemonic competition between the U.S. and China over cutting-edge tech is turning into a full-blown war," Lee Chang-Yang, Korea's Minister of Trade, Industry, and Energy, said, adding that Japan and Taiwan are also spending more to support tech industries.
Samsung's initiatives mark its attempts to remain relevant versus Taiwan Semiconductor Manufacturing Company Ltd TSM.
Photo by Pierre Lecourt via Flickr

Samsung Earmarks $229B To Cement Korea's Chip Building Position As US - China Intensifies