South Korean conglomerate Samsung unveiled on Sunday a plan to invest $310 billion over the next five years mostly in technology powering artificial intelligence, aiming to meet growing demand driven by a global boom.

The business group's flagship Samsung Electronics is already one of the world's top memory-chip makers, providing crucial components for the AI industry and the infrastructure it relies on.

South Korea is also home to SK hynix, another key player in the global semiconductor market.

The five-year investment package includes plans to build a new semiconductor facility, Pyeongtaek Plant 5, designed "to meet the needs of memory-chip demands", Samsung said in a statement.

Once in full operation, "the Pyeongtaek plant is expected to play an even greater strategic role in both t

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