SAMSUNG Electronics said yesterday that it would double the production capacity for advanced chips by 2027, as the world continues to wrestle with a tight supply.

"There has been some progress [in raising prices] this year, and costs are being reflected the direct impact of the current atmosphere will be minimal," said Moonsoo Kang, executive vice president of Samsung Electronics' foundry business.

Competition over supply has hit a boiling point globally, from both consumers and suppliers. It means governments across the EU, US and the UK have been racing to set out strategies on how to secure supply and capitalise on the demand.

Samsung is currently building a chip production facility in Taylor, Texas, which is expected to begin operations in 2024.

"US customers are especially interested in production in the United States, for supply chain stability," Kang said, adding that the new Taylor site was ripe for expansion.

(c) 2022 City A.M., source Newspaper