South Korea will create the world’s largest chip production

The South Korean government has approved the construction of the world’s largest semiconductor manufacturing cluster in the city of Yongin. Its area will be 7.28 square meters. km, which is equivalent to 1020 football fields or half the territory of Beverly Hills (USA). The complex will unite six large factories for the production of chips, three power plants and dozens of enterprises involved in the supply of materials, equipment and components.

Image source: SK Hynix, tomshardware.com

It is emphasized that Yongin Semiconductor will be “an important step in the development of the South Korean semiconductor industry.” The world’s largest chip manufacturers such as Samsung and SK hynix, as well as more than 60 small and medium-sized enterprises, will operate here. Such a unification on one territory will allow for close cooperation between manufacturers and their suppliers, which will definitely speed up the development of new technologies and increase production efficiency.

The project is estimated to attract 300 trillion won (approximately $203.75 billion) in private investment, create 1.6 million jobs and generate 700 trillion won ($475.41 billion) worth of production. In addition to industrial facilities, residential areas for workers will be built on the territory of the complex – practically it will be a full-fledged city.

The project approval ceremony was held on December 26 at the Samsung Electronics campus in Gyeonggi Province. The event was attended by representatives of Samsung Electronics, SK hynix, representatives of various ministries, including the ministries of infrastructure and transport, as well as the Korea Land and Housing Corporation. At the ceremony, a detailed development plan for the cluster was presented, focusing on South Korea’s desire to strengthen its position in the global semiconductor industry.