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Samsung to announce $648 billion investments in South Korea, media report says

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SEOUL, June 26 : Samsung Group will announce on Monday plans to invest 1,000 trillion won ($647.53 billion) in South Korea over 10 years, including a potential 300 trillion won to build chip factories in the southwest of the country, a media report said on Friday.

The announcement will be made at a meeting with President Lee Jae Myung at the presidential office, the Maeil Business Newspaper said, without citing sources.

Executives from companies including Samsung Electronics and its rival SK Hynix will attend the meeting to unveil investment plans aimed at regions outside Seoul and nearby cities, the report said.

The chipmakers, which have concentrated their production facilities in areas around Seoul, have faced pressure to invest more in other areas of the country.

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South Korea’s presidential office said on Thursday it planned to hold a public briefing on “three mega-projects for South Korea’s great leap forward,” adding that details on the meeting would be announced soon.

Samsung was not immediately available for comment outside business hours.

($1 = 1,544.3200 won)

Source: Reuters

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