SEOUL: South Korea’s SK Hynix Inc., the world’s second-largest memory chip maker, announced Tuesday it would spend 46 trillion won ($38 billion) in facility investments over the next 10 years.

The plan was unveiled by SK Group Chairman Chey Tae-Won—newly released from prison by a presidential pardon—at a dedication ceremony for a new chip plant in Icheon, 80 kilometers (50 miles) southeast of Seoul.

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