Samsung to invest $8 bn in Xian chip plant, to be operational by mid 2020

Samsung Electronics Co. will invest an additional $8 billion into its memory chip plant in Xian, China, officials have confirmed, as the South Korean tech giant further expands its presence in the world’s second largest economy.

According to the Chinese media and Xian’s municipal government, Kang Bong-yong, a Samsung Electronics Vice President, told Chinese officials that the company’s further $8 billion investment in its second plant in Xian is on track, Yonhap news agency reported on Thursday.

Samsung’s investment plan was previously hinted by Chinese Premier Li Keqiang when he said in October that a total of $15 billion will be spent on the company’s second Xian plant.

At the time, Samsung had only revealed $7 billion worth of investment in the second Xian plant.