South Korean firms, led by Samsung, to invest $422bn in pivotal tech fields including chips and EVs

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South Korea’s largest companies, including Samsung Electronics, are set to join a government plan aimed at investing $422bn in fields such as electric vehicles and chips. Samsung plans to invest KRW300tn ($229bn) over the next 20 years to build a new chip cluster in the outskirts of Seoul, helping South Korea to take the lead in global chip manufacturing. 

South Korea’s government also announced plans to invest billions of dollars in the fields of chips, batteries, electric vehicles, robots, and biotechnology, including the creation of hubs that would house mega-plants for semiconductor manufacturing, design houses, and material suppliers, to support the country’s own supply chain. Samsung’s investment will serve as the core of this ambitious push.