Samsung to invest $230b in South Korea chipmaking base

STORY: The electronics giant Samsung says it plans to pour a massive amount of money into what could end up as the world’s largest base for making computer chips -- some $230 billion dollars over the next 20 years.

According to South Korea's energy ministry, Samsung will build five new chip factories at the base and bring in more than a hundred smaller makers of parts and fabless chips as well as R&D groups.

Wednesday’s announcement is a key part of South Korea’s plan to give its domestic tech sector a boost.

Samsung represents the bulk of a strategy for the country to become a major player in a field dominated by Intel and Taiwan’s TSMC.

It’s also part of global wave of countries trying to shore up their ability to make chips after a shortage during the global health crisis that disrupted supply chains of everything from smartphones to cars.

It also includes the United States.

Last month the Biden administration released details of its CHIPS Act --a funding plan that offers billions of dollars in subsidies for chipmakers that invest in the U.S.