Manila: South Korean conglomerate Samsung unveiled on Sunday a plan to invest USD310 billion over the next five years, mostly in technology powering artificial intelligence, aiming to meet growing demand driven by a global boom.

According to Philippines News Agency, the five-year investment package includes plans to build a new semiconductor facility, Pyeongtaek Plant 5, designed “to meet the needs of memory-chip demands,” Samsung said in a statement. Once in full operation, “the Pyeongtaek plant is expected to play an even greater strategic role in both the global semiconductor supply chain and South Korea’s domestic chip ecosystem,” it said. The new line is scheduled to begin operations in 2028.