View photosMoreThe logo of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016.
SEOUL Reuters - South Korea's SK Hynix Inc said on Thursday it will invest 3.16 trillion won $2.7 billion in its home country and China to boost memory chip production, seeking to capitalize on an industry-wide surge in demand.
2 memory maker will go toward building a new plant to make NAND flash chips used for long-term data storage.
Booming demand for more firepower on mobile devices and the adoption of SSD storage in personal computers and data servers has also prompted rivals Samsung Electronics Co Ltd and Toshiba Corp to boost spending on chip production.
"In order to grow further, it is important to secure production facilities in advance to deal with NAND Flash market growth to be led by 3D NAND solutions," SK Hynix said in a statement.
Some 2.2 trillion won will be spent on the new NAND chip plant which will be located in South Korea, and another 950 billion won will be spent to boost DRAM capacity at its existing facilities at Wuxi, China.