South Korean conglomerate Samsung unveiled Tuesday 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 chipmakers, 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 the global semiconductor supply chain and South Korea’s domestic chip ecosystem,” it said.

The new line is scheduled to begin operations in 2028.

Samsung SDS, the group’s IT and logistics arm, will establish two AI data centers in South Jeolla and Gumi, the company said, without providing further details.

Samsung Group is a network of affiliated companies with complex cross-shareholdings under the Samsung brand, rather than a single legal holding company.

It is South Korea’s largest chaebol, the family-run conglomerates that dominate the country’s economy.

The $310-billion plan also includes some projects unrelated to AI.

Under the investment package, the company said Samsung SDI, its electric-vehicle battery affiliate, was exploring the creation of a domestic production line “for next-generation batteries, including all-solid-state batteries.”

The AI boom has delivered a major tailwind for Samsung Electronics and SK hynix, whose high-performance memory chips have become indispensable for AI computing.

Samsung Electronics has reported that its profit increased more than 30 percent year-on-year in the third quarter, driven by AI-fueled demand.