"The entire semiconductor industry is facing a watershed moment and now is the time to chart out a plan for long-term strategy and investment," said Samsung vice chairman and head of its chip business Kim Ki-nam.
"For the memory business, where Samsung has maintained its undisputed leadership position, the company will continue to make preemptive investments to lead the industry."
While the South Korean tech giant didn't address the current global chip shortage directly in its announcement, sources told ZDNet that the construction plan for P3 is six months ahead of schedule. Due to this, the tech giant will likely continue to be flexible in what chips its manufactures at its production lines in Pyeongtaek plant going forward, the sources said.
Samsung is the world's largest memory chip maker by revenue. In foundry, it is the second largest, behind Taiwan Semiconductor Manufacturing Company (TSMC). In terms of total revenue, Samsung is the world's second largest chip firm, behind Intel.