South Korean IT giant Samsung Electronics plans to spend $14.7 billion on a new chip facility - its biggest investment in a single plant - leaning on its semiconductor business to bolster profits as its smartphone dominance wanes.

Samsung, the world's top memory chip maker, said the plant would be located in Pyeongtaek, roughly 75 kilometers (47 miles) south of Seoul. The company said it would create 150,000 jobs, equal to about a third of the city's population.

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