Samsung Electronics to advance start of chip factory in Yongin to 2029

SEOUL: Samsung Electronics said on Monday it aims to bring forward the start of operations of its chip fabrication site in the city ‌of ⁠Yongin, south ⁠of Seoul, to 2029 from 2030-2031, as it seeks to keep up with surging demand for memory chips used in AI infrastructure.

Last month, both Samsung and its South Korean rival SK ⁠Hynix announced pledges ‌to invest hundreds of billions of dollars in expanding production ⁠capacity at home, after President Lee Jae Myung called for measures to narrow regional economic divides.