SK hynix announced that it plans to invest 120 trillion won (about 106.66 billion US dollars) to build four semiconductor factories in Korea's new industrial park to produce next-generation storage products.

SK hynix said in the statement that the company has submitted a letter of intent for investment. Once approved, more than 50 domestic and foreign suppliers will settle in the Yongin area, 40 kilometers south of Seoul.

"From 2022 onwards, we will invest 120 trillion won to build new semiconductor factories within ten years. This will be a long-term investment plan, and the details will change with market conditions," a SK hynix spokesman said.

It is understood that the factory invested by SK hynix is part of the Korean semiconductor manufacturing cluster plan. The plan will be implemented by four major semiconductor manufacturers and about 50 upstream and downstream component or equipment manufacturers. The Korean government expects to invest about 120 trillion won in 10 years.