Qualcomm (NASDAQ:QCOM) surged to a 52-week high after news hit on Monday that it’s investing more than $1 billion in Taiwan to build a display plant that will meet rising demand in the region for handheld mobile devices such as e-readers.

Taiwan’s Ministry of Economic Affairs said in a statement Monday that the San Diego, Calif-based telecom company will build the world’s first small and medium size Mirasol reflective display technology production plant in Hsinchu, northern Taiwan, starting this year.

The facility is expected to be about seven hectares, roughly 17 acres, and create a large number of employment opportunities in Taiwan, according to the ministry.

Qualcomm will use next generation Mirasol technology to manufacture small display panels for mobile devices. The panel will utilize power-saving technology, while supporting full-color, multi-touch and multimedia content.

The country’s ministry said the technology breakthrough will help to improve the technical level of China’s flat panel displays, allowing for the further development of the advanced display industry.

The world’s largest maker of mobile phone chips did not publicly comment on the project, but its chief executive Paul Jacobs said last year that he expected significant growth out of Mirasol displays.