South Korean chipmaker SK hynix has signed an agreement with Jiangsu Province’s Wuxi New Area – formerly Wuxi National Hi-tech Industrial Development Zone – to invest 2 billion yuan (KRW 340 billion) on jointly creating an industrial cluster specializing in semiconductor development, according to Chinese news sources on Jan. 16.
The details of the deal weren’t released, but the local media reported that investment by a global memory chip giant would likely stoke the business sentiment in Jiangsu. “Our yield has improved to the world’s highest levels since the second plant went into operation last year,” said SK hynix CEO Lee Seok-hee. “The industrial cluster would help further enhance our core competitiveness.”
SK hynix is cited as one of Wuxi’s largest investors, having invested an accumulative $20 billion so far. The chipmaker first struck up investment in the region in 2005.
The Elec is South Korea’s No.1 tech news platform.