Samsung Group may announce on a 10-year, 1,000 trillion won (US$650 billion) investment plan at a meeting with South Korean President Lee Jae Myung.

The plan may include up to 300 trillion won (US$195 billion) for chip factories in southwestern South Korea.

Executives from Samsung Electronics and rival SK hynix, a South Korean memory chipmaker, are expected to attend. South Korea’s chipmakers, which have concentrated production around Seoul, have faced pressure to invest more in other parts of the country.

South Korea’s presidential office said on June 25 it would hold a public briefing on “three mega-projects” and share details of the meeting later.

It has not publicly defined those projects.

A presidential policy adviser separately said the government and chip companies are eyeing sites around Gwangju and in North and South Jeolla for a new semiconductor cluster.

If confirmed, the plan would be far largerSamsung eyes $650b investment for 10-year chip push than Samsung’s 180 trillion won (US$117 billion) three-year investment pledge announced in 2018.

🔗 Source: Reuters

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