SEOUL: Samsung Group on Tuesday unveiled a massive $356 billion investment plan for the next five years aimed at making it a leader in a wide range of industries, from semiconductors to biologics.
The new figure represents an increase of more than a third on the previous plan announced last year.
The tech giant is South Korea’s largest conglomerate and its overall revenue is equivalent to one-fifth of the national gross domestic product.
Samsung Electronics, its flagship subsidiary, is the world’s largest smartphone maker.
The investment plan would bring “long-term growth in strategic businesses and help strengthen the global industrial ecosystem of critical technologies,” Samsung said in a statement.
The 80,000 new jobs would be created “mostly in core businesses, including semiconductors and biopharmaceuticals” through 2026.
He also noted that the investment “would advance the mass production of chips based on the 3-nanometer process,” the latest technology to further reduce the size of semiconductors and increase computing power.
It will also invest massively in biopharmaceuticals with its subsidiaries Samsung Biologics and Samsung Bioepis in the field.
The announcement comes after President Joe Biden visited Samsung Electronics’ massive semiconductor factory in Pyeongtaek on Friday, highlighting the South Korean company’s role in securing global microchip supply chains, during his first trip to Asia as an American leader.
South Korea and the United States must work to “keep our supply chains resilient, reliable and secure,” Biden said, calling the semiconductors made there a “marvel of innovation” and crucial to the world. ‘Mondial economy.
Samsung employs about 20,000 people in the United States, and work is underway to build a new semiconductor plant in Texas, slated to open in 2024.