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Memory chip giant SK Hynix announced plans to invest 9.4 trillion Korean won (approximately $6.8 billion) to build a new semiconductor manufacturing plant in South Korea’s Yongin Semiconductor Cluster. The new facility will be SK Hynix’s first in the cluster, with construction scheduled to start in March 2025 and completion expected by May 2027.
The Yongin Semiconductor Cluster, located just south of Seoul, is part of South Korea’s broader initiative to create a major hub for semiconductor operations. SK Hynix’s investment is a significant part of the country’s strategy to maintain its leadership in the memory chip sector, which is crucial for applications in artificial intelligence and other advanced technologies.
Earlier this year, SK Hynix pledged a total of 120 trillion won to establish four fabs within the Yongin cluster. The upcoming plant represents the first phase of this massive expansion, with the remaining facilities to be developed in the future.
South Korea, home to both SK Hynix and Samsung— the world’s largest memory chip maker— is heavily investing in the semiconductor industry, reflecting its strategic importance to the country’s economy and global technology leadership.
The announcement highlights SK Hynix’s ongoing success and its strategic partnership with Nvidia. The company recently reported its highest second-quarter profit in six years, fueled by robust demand for its high-bandwidth memory products.