The South Korea-based chipmaker expects to invest 300 trillion won (£189bn) over the next 20 years to build five chipmaking plants near Seoul.
The semiconductor "mega cluster", as the company has called it, would open in 2042.
The project was been framed within South Korea's ambitions to become one of the leading suppliers of silicon ships. The cluster aims to attract 150 other companies producing materials and components or designing high-tech chips, according to South Korea’s ministry of trade, industry and energy.
The cluster is destined for Yongin, south of Seoul in Gyeonggi Province, where both SK hynix and Samsung have a presence.
According to President Seok-Yeol Yoon, it would be the "world's largest" chipmaking facility.
"The mega cluster will be the key base of our semiconductor ecosystem," South Korea's ministry of trade, industry and energy said in a statement.
In addition to chipmaking, the cluster...