South Korea plans to develop a new semiconductor production base in the country's southwestern region through 800 trillion won (US$517.9 billion) in corporate investments, Industry Minister Kim Jung-kwan said Monday.

South Korea’s Samsung plans a $650b investment over 10 years, expanding semiconductor complexes, AI infrastructure and memory chip plants.

Samsung Electronics Co. and SK Hynix Inc. are each expected to build four to five semiconductor fabs in the Gwangju area.