South Korea is projected to account for nearly 20 percent of global chip production in 2032. 

According to a report by the U.S. Semiconductor Industry Association(SIA) and Boston Consulting Group(BCG) on Wednesday, South Korea is predicted to take up 19 percent of global chip production in 2032.

It would represent an increase of two percentage points from the 17 percent tallied in 2022 and mark its record high to place second in the world after China, which is forecast to account for 21 percent in 2032. Korea is expected to overtake Taiwan, which currently holds second place. 

According to the report, as of 2022, South Korea shared the third place with Japan in global chip production, after China and Taiwan, who currently account for 24 percent and 18 percent, respectively. 

Korea is expected to reach 19 percent with a significant increase in its production capacity through construction of semiconductor factories.