Samsung also revealed in its statement that this investment would eventually create at least 440,000 jobs by 2021.

Samsung Electronics is investing 37 trillion won ($32.2 billion) to expand its semiconductor and display factories as demand grows with digitization.

Apart from facility expansion in Pyeongtaek, Samsung Electronics will invest 6 trillion won ($5.22 billion) in its facility in Hwaseong, Gyeonggi, by adding a new line for extreme ultra violet (EUV) equipment.

Memory-makers are widely expected to post record profits in 2017 as prices rise in response to demand for more features in smartphones and servers, as well as a persistent supply shortage which analysts and industry sources said is more acute for NAND chips due to increasing adoption of high-end storage products. Samsung's fourth-generation V-NAND is 3-D and stacks 64 layers of cells to store up to 256 gigabits of data. The manufacturer laid out plans in May to invest roughly 10 trillion won at a plant in the Chinese city of Xi'an and recently said it would put $1.5 billion into a system chip factory in the US state of Texas.

At present, Samsung spent 15.6tn won over the last two years to build its Pyeongtaek plant, the largest plant in the world. The factory's production capacity is equivalent to around 200,000 300mm wafers per month, but Samsung's additional investments likely will almost double that figure by 2021.

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Samsung invests over $10 billion in chip production to stay ahead of rivals Hynix and Toshiba.

The company has also shown an increase in memory chip sales over the years, as it accounted for over 40% of global memory chip sales in Q1 2017 and in April it saw the biggest quarterly net profit in more than three years. In the proposed 37 trillion won, Samsung vowed a 30 trillion won investment for expanding semiconductor facilities.

To expand the giant's display division, Samsung Display is reviewing plans to establish a new organic light emitting diode (OLED) panel factory in Asan, South Chungcheong by 2018.

Samsung's investment comes as South Korean President Moon Jae-in calls on local business to create more jobs and help bolster the economy.