South Korean technology giant Samsung Electronics is expected to invest 300 trillion won over the next 20 years to develop what the South Korean government portrays as the world's largest chip manufacturing base to boost South Korea's chip industry, according to Yonhap News Agency.

South Korea's Ministry of Industry, Trade and Resources announced plans to invest 550 trillion won (about $422 billion) by 2026 in areas including chips, batteries, robotics, electric vehicles and biotechnology. Among them, Samsung will invest about 300 trillion won ($230 billion) for the completion of five semiconductor manufacturing sites in South Korea. Samsung's new manufacturing facilities will include five chip factories and attract up to 150 material, component and equipment manufacturers, IC design houses and semiconductor research and development institutions to move in. The new campus will be located near the existing chip factories of Samsung Electronics and SK Hynix, as well as several parts and equipment factories, in order to make South Korea the world's largest semiconductor colony.

The Korean government will increase the international competitiveness of high-tech industries, including chips, displays and batteries, through increased tax incentives and support. In addition, the Korean government will also foster 10 IC design companies with annual revenue of more than 1 trillion won.

Samsung Electronics confirmed on the same day that it will build five new semiconductor factories in South Korea and invest nearly 300 trillion won ($230 billion) by 2042 to develop what the South Korean government calls "the world's largest chip manufacturing base. Samsung Electronics spokesman said that the company will try to achieve the target investment amount. In addition, Samsung Electronics and its subsidiaries Samsung Display, Samsung SDI and Samsung Electro-Mechanics said they plan to invest 60.1 trillion won in the next 10 years in regions outside the metropolitan area to develop chip packaging, display and battery technologies.

South Korean President Yun Seok-yeol reiterated the plans at an economic policy meeting. He said that advanced industries are core growth engines, as well as security and strategic assets that are directly related to Korean employment and the livelihood of the general public. Yoon said that the Korean government will build 14 national advanced industrial parks with a total area of more than 33 million square meters outside of Seoul to foster the aviation, smart car and hydrogen energy industries. In addition, the Korean government will invest 3.2 trillion won by 2030 to develop next-generation semiconductor technologies for power stations, artificial intelligence and other fields.