Samsung Electronics has announced plans to triple its semiconductor production capacity by 2026, as it moves to future-proof the company against further global chip shortages.

“We plan to expand our capacity about three times by 2026 to meet customers’ needs as much as possible by expanding capacity in Pyeongtaek as well as considering establishing a new plant in the U.S.,” Samsung executive Han Seung-hoon announced during an earnings conference call.

“The foundry business is expected to continue to deliver strong improvements in results by securing technology leadership through 3-nm gate-all-around process and by meeting demand through active investments,” Han said.

The ‘gate-all-around’ technology improves transistor performance by 30 per cent while reducing energy consumption by 50 per cent.

Samsung’s share price jumped a modest 0.86 per cent after this declaration.