Korean electronics giant Samsung says it plans to invest around 300 trillion won ($230.8 billion) over 20 years, in the South Korea government's push to develop a mega semiconductor hub in the country. This will be put towards building five chip factories, the firm told BBC News.

Samsung is the world's biggest maker of memory chips, smartphones and TVs.

Under the official plan, companies in high-tech industries will be offered incentives like expanded tax breaks and infrastructure support.

South Korea's Ministry of Trade, Industry and Energy said in a statement March 15 that it planned to secure around 550 trillion won in private-sector investment and "leap forward as a leading country in the middle of fierce global competition over advanced industries".

Semiconductors, which power everything from mobile phones to military hardware, are at the center of a bitter dispute between the U.S. and China.

Watch: What Happens to the Semiconductor Supply Chain If China Invades Taiwan?

In October, Washington announced that it would require licenses for companies exporting chips to China using U.S. tools or software, no matter where they are made in the world.

Last week, the Netherlands said it also planned to put restrictions on its "most advanced" microchip technology exports to protect national security.

Read more: U.S.-China Chip War: Netherlands Moves to Restrict Some Tech Exports

Around the same time, South Korea's trade ministry raised concerns over the U.S. policy on semiconductors.
South Korea is home to other major microprocessor manufacturers such as SK Hynix.