ANKARA (AA) - South Korea announced on Wednesday that it will build the world's largest semiconductor cluster in the country's northwestern province.

The project will attract 300 trillion won (approximately $229.81 billion) in investments as part of the government’s efforts to secure a competitive edge in the sector, Yonhap News Agency reported, citing a statement from the Ministry of Trade, Industry and Energy.

The ministry said the semiconductor cluster will be established in Gyeonggi Province and will house five advanced chip fabrication facilities as well as around 150 materials, parts, and fabless companies by 2042.

It added that the new complex will be located near existing chips facilities run by Samsung Electronics Co. and SK hynix Inc., as well as a number of parts and equipment companies and fabless firms, allowing the country to have the world's largest mega cluster for semiconductors.

It is part of the government's comprehensive plan to promote six key industries, including chips, displays, secondary batteries, bio, future vehicles, and robots, which also call for a corporate investment of 550 trillion won (approximately $419.181 billion) by 2026, according to the ministry statement, as reported by the news agency.

South Korean President Yoon Suk Yeol said during the announcement of his government plan that his country already possesses world-class technological and production capabilities in several areas.

"Cutting-edge industries are a core growth engine, as well as a security and strategic asset, and directly connected to our jobs and public's livelihoods," Yoon said during an economic policy meeting, according to the agency.

Yoon explained that the government is also pushing to invest 3.2 trillion won (approximately $2.439 billion) by 2030 in the development of technologies for next-generation semiconductors needed for power generation, vehicles, and artificial intelligence, among other things.