Taiwan's UMC to spend $5 billion on new chip plant in Singapore

FILE PHOTO: The signboard of United Microelectronics Corp (UMC) is seen in Xinchu, the south city of Taipei, Taiwan January 10, 2006. REUTERS/Richard Chung/File Photo

TAIPEI (Reuters) - Taiwan's United Microelectronics Corp (UMC) will invest $5 billion on a new microchip factory in Singapore, with production expected to start in 2024 to support the boom in 5G and auto electronics, it said on Thursday.

UMC, which has already been producing semiconductors in the country for more than 20 years, said the new factory would produce 22 and 28 nanometre chips.