South Korea Lays Out $470 Billion Plan to Build Chipmaking Hub

South Korea unveiled plans by leading firms such as Samsung Electronics Co. and SK Hynix Inc. to spend more than $470 billion establishing the world’s largest chipmaking cluster, joining a global race to safeguard domestic supply.

The government on Monday outlined a blueprint involving investment of 622 trillion won ($471 billion) from the private sector in the years leading up to 2047. 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 ...