South Korea Unveils $450 Billion Push for Global Chipmaking Crown

South Korea unveiled ambitious plans to spend roughly $450 billion to build the world's biggest chipmaking base over the next decade, joining China and the U.S. in a global race to dominate the key technology. From a report: Samsung Electronics and SK Hynix will lead more than 510 trillion won 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'll be among 153 companies fueling the decade-long push, intended to safeguard the nation's most economically crucial industry. Moon got a briefing from chip executives on the initiative Thursday during a visit to the country's most advanced chip factory, a Samsung plant south of Seoul. Samsung is boosting its spending by 30% to $151 billion through 2030 while Hynix is committing $97 billion to expansion at existing facilities in addition to its $106 billion plan for four new plants in Yongin, co-Chief Executive Officer Park Jung-ho said during the event. "Major global competitors are pressing ahead with massive investment to be the first to take the future market," Moon said in a speech. "Our companies have been taking risks and innovating as well and have completed preparations for tumultuous times."

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