South Korean conglomerate Samsung Group targets to invest around $206 billion over the next three years in sectors like semiconductors, displays, and biopharmaceutical products.
|Samsung will invest around $206 billion over the next three years, particularly focusing on promising industries |
The massive spending plan is aimed at fulfilling the role and responsibilities of this top South Korean business group by creating 40,000 new jobs at its units, according to newswire Kedglobal.
In the group’s announcement, Samsung emphasised, “This investment is aimed at taking the leadership in our strategic businesses, creating new jobs and opportunities for the next generation, and building the ecosystem for coexistence. Through this investment, we will revitalise the South Korean economy and society and live up to national expectations and wishes for us."
Samsung would focus on the memory chip segment by developing next-generation chips. It is now aiming to become the leader in the chip market and aims to bring forward the production of 3-nanometer system chips.
"With semiconductor chips emerging as core parts of automotive and other manufacturing industries beyond electronic gadgets, competition in the market is evolving into power struggles between countries," Samsung noted in its statement.
On the other hand, Samsung believed that the biopharmaceutical industry has become a strategic one and pivotal to a country’s competitiveness due to the changes the pandemic brought about.
Samsung Biologics Co. and Samsung Bioepis Co. will expand their respective businesses via contract development and manufacturing organisation (CDMO) into vaccines and next-generation treatments, according to Kedglobal.
"By strengthening our biosimilar and CDMO businesses, we will repeat the success story we wrote for the semiconductor industry in the biopharmaceutical sector," Samsung said.
Moreover, Samsung Electronics planned an early execution of the already announced investment to develop advanced process technology and expand business for new applications in artificial intelligence (AI) and data centers.
Around 40,000 new job opportunities will be added to boost its ambitious plan in various sectors. Most of the new positions will be created for high-tech businesses.
"We will aggressively pursue mergers and acquisitions to strengthen our technology and market leadership," Samsung said.
"In Vietnam, Samsung Vietnam plans to expand its investment by setting up a research and development centre, strengthening cooperation with domestic enterprises, and taking part in public infrastructure projects," said general director Choi Joo Ho.