Samsung has announced it will build five new semiconductor plants over the next two decades, as part of the push to strengthen supply chains.
“The solution to overcome crises is to focus on essential things,” Samsung CEO Han Jong-hee said at the company’s general shareholders’ meeting last week.
“With technology, we will help our customers enjoy better daily lives by creating new value and opportunities.”
Samsung will build five plants in South Korea, earmarking some A$348 billion to the project. Some of the plants will be for making chips for third-party clients, and all five will be located in Yongin, south of Seoul, in a so-called megacluster.
“The megacluster will be the key base of our semiconductor ecosystem,” the government said in a statement, noting the need to “leap forward as a leading country in the middle of fierce global competition over advanced industries.”
The project will be completed by 2042, Samsung said. Shares in the company rose 1.4 per cent after the announcement.
