South Korea intends to invest in semiconductor production

South Korea has unveiled ambitious plans to spend an estimated $ 450 billion to build the world's largest chip manufacturing base over the next decade, joining China and the United States in the global race to dominate key technologies.

Samsung and SK Hynix will spearhead investment in semiconductor research and manufacturing through 2030 under a national plan developed by President Moon Jae-in's administration. They will be among 153 companies fueling a decade-long push designed to protect the country's most economically important industry. Moon received a briefing from executives on the initiative while visiting the country's most advanced chip factory, Samsung's plant south of Seoul.

Samsung is increasing its spending by 30% to $ 151 billion through 2030, while Hynix is committing $ 97 billion to expand existing capacity in addition to its $ 106 billion, co-director Park Jong Ho said during the event.

The South Korean government and business representatives believe that these measures will allow them to compete with companies from the United States and China - these countries are also implementing similar programs.