Samsung Electronics made an announcement on Tuesday that they will invest $18.6 billion on memory chips and next generation displays of smartphones in South Korea, hence creating half a million jobs in the region.

Samsung Planning Big $18 Billion Investment in Memory Chip Business

Samsung determination to take a lead in memory chip business would help the company make a record profit in this year. On routine, the company invests $10 billion in chips per year. This makes Samsung to keep up first with its rivals SK Hynix and Toshiba Corp. of Japan.

South Korean President Moon Jae-in made repeated calls to big businesses to invest money domestically as it is part of the long term agenda for creating more jobs at home. Samsung declared that the upcoming plan would create vacancies up to 440,000 till 2021.

Park Ju-gun, head of CEO Score firm said, ‘”Samsung is being more aggressive in domestic investments because of the current [political] climate.”