Samsung puts $18bn into memory chip production
Samsung's $18bn semiconductor investment could create at least 440,000 jobs by 2021
Samsung is advancing its efforts into expanding its semiconductor production as it plans to invest $18bn into its chip business.
Samsung announced in a statement that by 2021 it will invest 20.4tn won ($17.4bn) into expanding and upgrading its semiconductor division and its plants in the cities of Pyeongtaek and Hwaseong in South Korea.
The company's investment aims to cater to the predicted mass increase and demand from emerging technologies, such as the Internet of Things, artificial intelligence and automotive technologies.
At present, Samsung spent 15.6tn won over the last two years to build its Pyeongtaek plant, the largest plant in the world. With this latest investment the total spend will reach 30tn won by 2021, and it will commit 6tn won to expanding the Hwaseong plant.
The company is also considering a second production line in the Chinese city of Xian.
Samsung also revealed in its statement that this investment would eventually create at least 440,000 jobs by 2021.