Samsung commits $356 bn in investments with 80,000 new jobs| MENAFN.COM

Monday, 04 July 2022 06:16 GMT

Samsung commits $356 bn in investments with 80,000 new jobs


(MENAFN- AFP)

Samsung Group on Tuesday unveiled a massive $356 billion investment blueprint for the next five years aimed at making it a frontrunner in a wide range of sectors from semiconductors to biologics.

The new figure is an increase of more than a third over its investments spent over the past five years.

The tech giant is South Korea's largest conglomerate and its overall turnover is equivalent to a fifth of the national gross domestic product.

Samsung Electronics, its flagship subsidiary, is the world's biggest smartphone maker.

The investment plan would bring "long-term growth in strategic businesses and help strengthen the global industrial ecosystem of crucial technology", Samsung said in a statement.

The 80,000 new jobs would be created "primarily in core businesses including semiconductors and biopharmaceuticals" through 2026.

It also noted the investment would "bring forward the mass production of chips based on the 3-nanometer process," the latest technology to further shrink down the size of semiconductors and boost computing power.

It will also invest heavily in biopharmaceuticals with its affiliates Samsung Biologics and Samsung Bioepis in the field.

The new plan represents a 36 percent increase in investment over its total investments over the past five years.

Of the 450 trillion won Samsung plans to spend over the next five years, it will commit 360 billion won to South Korea.

The announcement comes after President Joe Biden toured Samsung Electronics' massive Pyeongtaek semiconductor factory on Friday, underscoring the South Korean company's role in securing global supply chains of microchips, on his first Asia trip as US leader.

South Korea and the United States need to work to "keep our supply chains resilient, reliable and secure," Biden said, calling semiconductors manufactured there as "a wonder of innovation" and crucial to the global economy.

Samsung employs about 20,000 people within the United States and work is underway to build a new semiconductor plant in Texas, scheduled to open in 2024.

MENAFN24052022000143011026ID1104263157


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.