Samsung Group is set to announce a sweeping decade-long investment plan totaling 1,000 trillion won (about $648 billion) in South Korea, according to a media report. The plan will be presented at a meeting with President Lee Jae Myung, with top executives from Samsung Electronics and SK Hynix expected to attend and outline investment plans aimed at regions beyond Seoul.

The reported investments are expected to cover areas such as AI data centres, batteries and displays. The report also mentions a possible 300 trillion won investment to build new chip factories in the country’s southwest.

The initiative is framed as part of an effort to turn global AI-driven demand for semiconductors into a broader domestic growth engine, and to reduce the political pressure created by the concentration of chip production around the Seoul area. The debate over where future chip investments should go has intensified as the government makes AI a central economic policy priority.

Samsung and SK Hynix declined to comment on the report, and the company has not indicated timing for when specific projects would begin.