South Korea has unveiled plans by firms such as Samsung Electronics Co and SK Hynix Inc to spend more than $470 billion setting up the world’s largest chipmaking cluster, in a bid to join a global race to safeguard domestic supply, Bloomberg reported on Monday

The government on Monday outlined a blueprint involving investment of 622 trillion won ($470.31 billion) from the private sector in the years leading up to 2047.

According to the report, they will spend the money to build 13 new chip plants and three research facilities, on top of an existing 21 fabs. Spanning Pyeongtaek to Yongin, the area is expected to be the largest in the world, capable of producing 7.7 million wafers monthly by 2030, the report added.

The envisioned investment is up sharply from when Seoul first unveiled Samsung’s and Hynix’s plans in 2023. Korea’s government, which works closely with private firms on national imperatives, has been boosting its support for a domestic chip sector that accounts for about 16 percent of total exports, according to Bloomberg.

It’s pledged to protect a linchpin of its economy while grappling with rising global competition. As Japan and Taiwan aggressively invest in their own chip sectors, the Korean government is committing to extending big tax breaks to local chip firms, the report added.

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