Kioxia, Sandisk Pledge $31 Billion for Japan Chip Boom

Japanese chipmaker Kioxia Holdings Corp., along with its partner Sandisk Corp., has announced plans to invest 5 trillion yen ($31 billion) over six years in boosting memory chip production.

The investment, which is set to begin next year, will be spent on building a new plant at the company's Kitakami site in Iwate Prefecture at a cost of 1.8 trillion yen and increasing production capacity at its Yokkaichi plant in Mie Prefecture.

Kioxia President Hiroo Ota expressed his expectations that the Japanese government will continue to provide support for chip production, citing the semiconductor industry as one of the key fields promoted under Prime Minister Sanae Takaichi's growth strategy.