South Korea's Samsung group plans to invest about 356 billion dollars in chips, biopharmaceuticals, and artificial intelligence, in the next five years.

The investment will be 36 percent more than the amount the group had invested in the last five years.

The country's largest conglomerate said on Tuesday that it will allocate 80 percent of the new investment to South Korea, and create 80,000 jobs mainly for young people.

Samsung stresses that it will take the initiative to make the country a chip superpower, and contribute to its economic development.

South Korean President Yoon Suk-yeol recently visited a Samsung Electronics factory together with US President Joe Biden, who was on a visit to South Korea.

The leaders agreed in their summit talks to work to strengthen supply chains of semiconductors and other products.

Hyundai Motor also announced a plan on Tuesday to invest about 50 billion dollars by 2025.

South Korean media says these moves are aimed at demonstrating a willingness to cooperate with the Yoon administration.