2017.07.0400:27:00UTC+00Samsung Plans to Invest $18.6 Billion in South Korea Amid Chip Boom

South Korean conglomerate Samsung Electronics Co Ltd announced it plans to invest nearly 21.4 trillion won ($18.63 billion) in the country as it aims to expand its lead in memory chips as well as displays for smartphones.

Samsung revealed that spending includes 14.4 trillion won by 2021 on its new NAND factory in Pyeongtaek. It also plans to invest six trillion won in a new semiconductor production line in Hwaseong.

The company also added a production line to its NAND plant in Xi'an, China due to strong demand for long-term data storage chips.

Samsung as well as other memory makers are highly anticipated to report record profit this year amid the shortage and booming demand for more capability in smartphones.

The company said its investment in South Korea can create up to 440,000 jobs through 2021 and would also help stimulate the economy.

Samsung accounted for 40.4 percent of global memory chip revenue in the first quarter, according to researcher TrendForce data.