South Korean firm wants to expand lead in global memory chip amid booming demand for storage products

Samsung Electronics will invest nearly $18bn in its chip business, the South Korean firm said Tuesday, as it seeks to expand its lead in the global memory chip and smartphone markets.

The world’s top maker of smartphones and memory chips will invest 20.4tn won ($17.7bn) by 2021 to expand and upgrade its chip plants in the South Korean cities of Pyeongtaek and Hwaseong, it said in a statement.

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