On Thursday, in a statement Samsung Electronics stated, it has raised its planned investment in non-memory chips to $151 billion (171 trillion won) through 2030, in a development that sees the company joining its peers in ramping up investments in the sector midst a global shortage in semiconductors.

Samsung’s has increased its investment target from 133 trillion won in 2019 to 171 trillion won, in line with its goal to become the world’s top logic chipmaker by 2030. It plans on taking on larger rivals TSMC in contract chip manufacturing and Qualcomm in mobile processing chips.

Samsung went on to add, it plans on completing its third chip production line at Pyeongtaek, which is the size of 25 football fields, in the second half of 2022.

“Countries around the world have entered fierce competition by reorganising supply chains around their own country,” said South Korean President Moon Jae-in on Thursday at Samsung’s chip site at Pyeongtaek. “We need pre-emptive investments… to strengthen the domestic industrial ecosystem and lead the global supply chain to make this opportunity ours.”

In a statement, South Korea’s the Ministry of Trade, Industry and Energy said, it will provide a 6% tax breaks, up from current 3%, for capital expenditures between the second half of 2021 to 2024; the tax break is applicable to large corporations conducting “key strategic technology” including semiconductors.

The South Korea government also stated it will offer around 1 trillion won in long-term loans to companies which increase 8-inch wafer chip contract manufacturing capacity and investment for materials and packaging. Further, it also raised the number of chip industry workers which are to be educated to 36,000 by 2030, more than double its previous target in 2019.

“Setting up an environment where smaller fabless firms can thrive, with plenty of workforce and foundries, would naturally bolster system chip industry,” said Jinwook Burm, head of the Institute of Semiconductor Engineers.

Chips accounts for 20% of the country’s export and is the top export item for South Korea.