“Along with Samsung Electronics, the South Korean government will budget 25 trillion won or more over the next five years for R&D in strategic technologies like AI. It will give about 100 billion won in water and electricity infrastructure and 360 billion won to develop chip packaging this year for industrial complexes."

Samsung Electronics anticipates to invest$230 billion by 2042 in the world’s largest chipmaking bases giving a boost to government initiatives to promote and expand the national chip industry. 

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The South Korean tech giant’s 300 trillion won project is integral to a 550 trillion won private-sector investment plan. The government's strategy looks to expand tax breaks and back to increase the competitiveness of high-tech industries like displays, chips, and batteries.

Yoon Suk Yeol, the President, of Samsung Electronics, said, "The economic battlefield, which recently began with chips, has expanded ... countries are providing large-scale subsidies and tax support. (We) must support private investments to ensure further growth ... the government must provide the location, R&D, manpower, and tax support."

The plans were introduced as other countries are taking steps to boost domestic chip industries, and one of the significant names is the United States which last month released details of its CHIPS Act, providing subsidies in billions of dollars for chipmakers.

Samsung's investment in chipmaking manufacturing will comprise five chip factories and attract up to 150 materials, fabless chipmakers, parts and equipment makers, and semiconductor research-and-development companies near Seoul. 

Along with Samsung Electronics, the South Korean Government will budget 25 trillion won or more over the next five years for R&D in strategic technologies like AI. It will give about 360 billion won to develop chip packaging, and 100 billion won in water and electricity infrastructure this year for industrial complexes.