Samsung Electronics Co and SK Hynix Inc are preparing to announce hundreds of billions of dollars worth in new investments on Monday, according to South Korean media reports this week.
Samsung Group is set to unveil a 1,000 trillion won (US$646 billion) spending package over the next decade, Maeil Business Newspaper reported yesterday, in what would be the largest such plans in the country’s history.
Top executives from Samsung and SK Hynix, South Korea’s two most valuable firms and the world’s leading memory makers, are to attend a presidential briefing at the Blue House at the start of next week, the report added.
South Korean President Lee Jae-myung is to host a “National Briefing on the Three Major Mega-Projects for the Great Leap Forward of the Republic of Korea” on Monday, a senior Blue House spokesperson said on Thursday. In the buildup to the event, Maeil and other Korean newspapers have reported that senior executives from the memory companies met with the president to discuss regional investment plans.
South Korean presidential policy chief Kim Yong-beom said “very unusual” figures will be announced on Monday when the president hosts a meeting to discuss investment plans by big companies. The event will focus on key sectors such as semiconductors, artificial intelligence (AI) data centers and physical AI, Kim said in an interview on a YouTube program yesterday.
Samsung and SK Hynix representatives declined to comment on the reports.
Icheon-based SK Hynix has signaled plans to spend to expand production capacity and meet runaway demand for memory from the AI industry and the broader tech sector. The company plans a US$29 billion US listing, after chairman Chey Tae-won said earlier this month that he intends to double capacity over the next half decade.
Suwon-based Samsung has, like SK Hynix, reported record sales and profits in recent quarters on booming demand for memory, while showing interest in playing a bigger role in the global AI industry. Executive chairman Jay Y. Lee is expected to unveil a data center investment plan in Asan, South Chungcheong Province, on July 2.
Source: taipeitimes