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SEOUL - Samsung Electronics Co Ltd said on Thursday it would invest 171 trillion won ($151.10 billion) in non-memory chips through 2030, raising its previous investment target of 133 trillion won announced in 2019.

Samsung competes with bigger rivals Taiwan's TSMC in contract chip manufacturing and Qualcomm Inc in mobile processing chips.

Samsung will accelerate research and development of advanced chip contract manufacturing processes and construction of production lines, it said in a statement.

The South Korean electronics major added that its third chip production line at Pyeongtaek, south of Seoul, will be completed in the second half of 2022.