South Korea unveils $600 billion push for global chipmaking crown, Economy News & Top Stories


SEOUL (BLOOMBERG) – South Korea unveiled ambitious plans to spend roughly more than 510 trillion won (S$602 billion) to build the world’s biggest chipmaking base over the next decade, joining China and the United States in a global race to dominate the key technology.

Samsung Electronics and SK Hynix will lead the ambitious push of investment in semiconductor research and production in the years to 2030 under a national blueprint devised by President Moon Jae-in’s administration.

They will be among 153 companies fuelling the decade-long push, intended to safeguard the nation’s most economically crucial industry. Mr Moon got a briefing from chip executives on the initiative on Thursday (May 13) during a visit to the country’s most advanced chip factory, a Samsung plant south of Seoul.

Samsung is boosting its spending by 30 per cent to US$151 billion through 2030 while Hynix is committing US$97 billion to expand existing facilities, in addition to…

Read more…