• Samsung Electronics Co, Ltd (OTC: 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.

• Also Read: South Korea's Samsung, SK Hynix In A Dilemma Over US Chips Act As Terms Expose Them To Business Risks, Higher Costs

• 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 (NYSE: TSM).

• Photo by Pierre Lecourt via Flickr

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This article Samsung Earmarks $229B To Cement Korea's Chip Building Position As US - China Intensifies originally appeared on Benzinga.com

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