South Korea on Monday announced one of its biggest industrial investment plans, placing semi-conductors and artificial intelligence at the centre of its economic strategy. President Lee Jae Myung unveiled a package worth over 886 trillion won (about $576 billion) to expand chip production, develop AI infrastructure and spread economic growth beyond the Seoul metropolitan area, reported Reuters. The strategy relies heavily on Samsung Electronics and SK Hynix, the world’s two largest memory chip makers. The government hopes the investments will help South Korea stay ahead in the global semi-conductor race while also creating new industrial hubs in regions outside the capital.