South Korea announced that it will establish "the world's largest" chip manufacturing facility in the country's northwest region of Gyeonggi.
According to Yonhap news agency, the Ministry of Industry, Trade and Energy announced that an investment of 229.8 billion dollars will be made within the scope of the project.
It was stated that in addition to the chips, hardware such as screens, batteries and robots will be produced at the facilities, which are planned to be operational by 2042.
Chips are at the core of all electronic devices such as smart phones, computers, televisions, cars, and even household appliances.
President Yoon Suk Yeol told the media, "The cutting-edge industries are the main growth engine, as well as security and strategic assets. It is also directly linked to our jobs and people's livelihoods."