Samsung Electronics announced plans on Monday to invest $14.7 billion (15.6 trillion Korean won) in a new semiconductor fabrication facility in Pyeongtaek, South Korea to meet growing demand from smartphones, enterprise computing and the emerging “Internet of Things” market.

The new fabrication plant is expected to help Samsung Electronics to develop a semiconductor cluster in Giheung, Hwaseong and Pyeongtaek to meet growing demand for advanced semiconductor products. However, the company wrote on its website that it has not determined the specific products to be manufactured.

The fab will be built in the 790,000 square meter site in Godeok Industrial Complex, where construction will begin during the first half of next year, with operations scheduled to begin sometime during the second half of 2017, Samsung told the press on Monday.

The investment “will significantly influence the shaping of Samsung’s future semiconductor business,” said Kwon Oh-hyun, co-chief and a vice chairman of Samsung Electronics.

Samsung’s semiconductor business announced revenue of close to 9.8 trillion Korean won in the second quarter.

A Samsung spokeswoman said a decision has not been taken yet on what type of chips would be made at the new fab and the manufacturing process. The company said in July it was on track to roll out 14nm manufacturing process in volume by the end of this year.