Samsung Electronics will add a chip production line at its plant in the South Korean city of Pyeongtaek to meet rising demand from the global boom in artificial intelligence, the company said on Sunday. 

Samsung Electronics Co., Hyundai Motor Group and LG Group pledged to invest a combined $464 billion in South Korea over the next five years after meeting with President Lee Jae Myung, who is seeking to shore up the economy following the country’s trade deal with the US. 

Hyundai Motor Group will invest 125.2 trillion won ($86.47 billion) in South Korea from 2026 to 2030, the automaker said on Sunday after Seoul finalised a trade deal reducing U.S. tariffs on South Korean autos to 15% from 25%.