Samsung to build massive new factory

Seoul - Samsung Electronics is to put 15.6 trillion won ($14.7bn) into a new production plant in its native South Korea, the company said on Monday.

The new factory "is expected to help Samsung meet growing demand for advanced semiconductor products", Samsung said.

The plant will be in the company's existing Godeok Industrial Complex in Pyeongtaek, Gyeonggi Province, around 80km south of Seoul. Local authorities had agreed to cooperate in the planning, construction and operation of the new facility, the company said.

Samsung is the world's leading producer of smartphones, computer chips and televisions.

Construction on the new plant was to begin in the first half of 2015, and be completed within two years.