Samsung Electronics to Invest $230 Bln Through 2042 in South Korea Chipmaking Base

A Samsung sign is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. (Reuters)
A Samsung sign is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. (Reuters)
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Samsung Electronics to Invest $230 Bln Through 2042 in South Korea Chipmaking Base

A Samsung sign is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. (Reuters)
A Samsung sign is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. (Reuters)

South Korean tech giant Samsung Electronics expects to invest $230 billion over the next 20 years to develop what the country's government called the world's largest chip-making base, in line with efforts to boost the national chip industry.

Samsung's around 300 trillion won project is part of a 550 trillion won private-sector investment plan unveiled by the government on Wednesday. Seoul's strategy aims to expand tax breaks and support to raise competitiveness of high-tech sectors including those involving chips, displays and batteries.

The plans come as other countries introduce steps to bolster domestic chip industries, including the United States which last month released details of its CHIPS Act, offering billions of dollars in subsidies for chipmakers that invest in the country.

"The economic battlefield, which recently began with chips, has expanded ... countries are providing large-scale subsidies and tax support," said President Yoon Suk Yeol on Wednesday.

"(We) must support private investments to ensure further growth ... the government must provide location, R&D, manpower, and tax support."

Samsung's manufacturing additions will include five chip factories and attract up to 150 materials, parts and equipment makers, fabless chipmakers and semiconductor research-and-development organizations near Seoul, the industry ministry said in a statement.

In addition to private-sector investment, the government will budget 25 trillion won or more over five years for R&D in strategic technologies such as artificial intelligence. It will provide about 360 billion won to develop chip packaging, and about 100 billion won in electricity and water infrastructure this year for industrial complexes.

In January, the government proposed raising the tax deduction rate for facility investments in chips and other strategic technologies from 8% to 15% for large corporations.

Separately, Samsung Electronics, unit Samsung Display, affiliates Samsung SDI and Samsung Electro-Mechanics said they plan to invest 60.1 trillion won in the next 10 years in regions outside the Seoul metropolitan area to develop chip packaging, displays and battery technology.

South Korea, home to the world's two biggest memory chip makers, Samsung Electronics and SK Hynix Inc, is seeking to improve supply-chain stability to become a major player in the non-memory chip field, currently dominated by chipmakers such as Taiwan Semiconductor Manufacturing Co Ltd and Intel Corp.



AlUla to Host First 'Instagram Creators Summit' in MENA

Throughout the summit, content creators will experience AlUla's natural beauty and rich legacy. SPA
Throughout the summit, content creators will experience AlUla's natural beauty and rich legacy. SPA
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AlUla to Host First 'Instagram Creators Summit' in MENA

Throughout the summit, content creators will experience AlUla's natural beauty and rich legacy. SPA
Throughout the summit, content creators will experience AlUla's natural beauty and rich legacy. SPA

Saudi Arabia’s AlUla is set to host the first-ever “Instagram Creators Summit” in the Middle East and North Africa (MENA) next week.

The event will take place on April 20-22, organized by Meta in partnership with the Royal Commission for AlUla, and in collaboration with the Saudi Tourism Authority and Riyadh Air.

The groundbreaking summit is the first of its kind in the region and will bring together leading content creators from around the world. The agenda includes interactive panel discussions, keynote speeches, and conversations about the future of content creation, covering topics such as social media, artificial intelligence, and the evolving digital landscape.
These creators collectively reach over 231 million followers worldwide, highlighting the growing importance of influencer marketing in today’s travel destinations.
Interactive dialogues will allow participants to engage directly with Meta’s product managers, while open forums will encourage the sharing of expertise and the building of strong collaborations among creators.
This summit presents an exceptional opportunity to gain insights, connect with industry leaders, and stay at the forefront of the ever-changing digital scene.
AlUla will also showcase its unique vision of blending cultural heritage preservation with digital innovation through discussions on safeguarding cultural identity amid rapid digital transformation. AlUla continues to demonstrate its unique ability to evolve while remaining rooted in its past—a city renewed through time, where heritage and innovation progress together.
Throughout the summit, content creators will experience AlUla's natural beauty and rich legacy, spanning over 200,000 years of human history and 7,000 years of continuous civilizations. Participants will also explore iconic archaeological landmarks such as Hegra, the first UNESCO World Heritage Site in Saudi Arabia, AlUla Old Town, and Madrasat Addeera—a hub for crafts, culture, and creativity in the AlJadidah Arts District.