South Korea Plans to Develop $470 Billion Semiconductor Cluster in Gyeonggi province

South Korea plans to develop a semiconductor mega-cluster, which will be located in Gyeonggi province. The ambitious semiconductor cluster will receive USD 470 billion from major semiconductor firms by 2047.

The semiconductor cluster will cover an area of 21 million square meters. Furthermore, it is expected to have a production capacity of 7.7 million wafers per month by 2030.

This semiconductor cluster will be the largest in the world. The investment will be used to develop 13 new semiconductor fabrication plants and three research facilities on top of the existing 21 semiconductor fabs. The cluster will span from Pyeongtaek to Yongin. Subsequently, it will provide 3 million job opportunities.

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Samsung and SK Hynix intend to construct their most advanced chip manufacturing facilities domestically as part of their two-decade strategy. Samsung plans to invest USD 370 billion, while SK Hynix is planning to invest USD 92 billion.

Additionally, smaller chip design and material firms will be located in the region. According to the government, this initiative will maximize the nation's self-reliance on semiconductors. The government is planning investments based on the evolving market trends in the semiconductor industry.

About South Korean Semiconductor Market

The South Korean semiconductor market is a powerhouse, holding the title of the world's second-largest with a 17.7% global market share as of 2022. Due to the expertise of industry titans like Samsung Electronics and SK Hynix, who control the memory chip market, it has been steadily expanding since the 1980s.

South Korea reigns supreme in memory semiconductors, holding a whopping 60.5% of the global market share. This includes 70.5% of the DRAM market and 52.6% of the NAND flash market. Samsung and SK Hynix are the key players, constantly pushing the boundaries of memory technology.

Additionally, the government is actively supporting the development of logic chips and system semiconductors used in processors, sensors, and other critical components. Companies like DB HiTek are making strides in the foundry sector, manufacturing chips for other companies.

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