Samsung Electronics has announced ambitious long term plans to expand its operation in South Korea. The company is set to invest around $230 billion in new fabrication facilities, with five locations marked for development in Yongin, a city located within the Seoul Capital Area. The five new factories with mixed foundry and memory manufacturing purposes, will form part of the South Korean government's intentions to assemble a mega semiconductor hub in the region.

South Korea's Ministry of Trade, Industry and Energy (MOTIE) on Wednesday revealed its intent to invest $422 billion by 2026 to boost production of six core technologies: semiconductors, electric vehicle batteries, autonomous vehicles, robots and displays. The government provided a breakdown of the total budget, and $260 billion has been allocated for the country's chip space to develop system semiconductors into the year 2026.