Video source: YouTube, Bloomberg Technology
Samsung Group, Korea's largest conglomerate, will invest $205 billion (240 trillion won) over the next three years to expand its global footprint in key industries like biopharmaceuticals, robotics and next-gen telecommunications.
On Tuesday, the tech giant unveiled the plan, saying it is aimed at preparing Samsung “for great changes in industry, international order, and social structure expected after the COVID-19 pandemic.”
South Korea’s largest conglomerate plans to set aside 180 trillion won for its home country alone and aims to hire another 10,000 workers on top of 30,000 new jobs already planned.
The new spending also includes previously outlined plans, such as Samsung Electronics’ long-term strategy of investing $151 billion through 2030 in advanced chipmaking.
As part of that effort, Samsung said it would spend $17 billion on a new semiconductor plant in the US.
The company added that it will also seek opportunities for growth in key areas by pursuing mergers and acquisitions.
Reuters noted that chip rivals including Taiwan Semiconductor Manufacturing Co and Intel Corp are making large investments amid a global semiconductor shortage and growing competition in the advanced chip segment.
Samsung’s announcement comes about a week after corporate vice president Jay Y. Lee was released from jail on parole following convictions for embezzlement and bribery.
Citing local media reports, TechCrunch noted that there had been speculation that Samsung would only move forward with major investments after Lee was freed from prison.
Source: Equities News