Samsung to invest $356 billion over five years in strategic sectors? Samsung Electronics announced that it will invest 450 trillion won ($356 billion) over the next five years to accelerate growth in semiconductors, biopharmaceuticals, and other next-generation technologies.
Samsung to invest $356 billion over five years in strategic sectors
Samsung said on Tuesday that the investments will help it achieve long-term growth in crucial areas like the chip industry, while also promising aggressive expenditures in the biopharmaceutical industry to make it as successful as its chip business.
Samsung Electronics, the world’s largest memory chip producer, did not provide a breakdown of the amounts but did say that 80 percent of the investments will be made in South Korea and that the statement on Tuesday included a 240 trillion won investment pledge made in August 2021.
In its announcement, Samsung did not mention electric car batteries as a future growth engine.
On Tuesday, Samsung SDI, the group’s battery unit, and Stellantis, Chrysler’s parent company, will unveil their new battery plant in Indiana, the United States.
Samsung stated in the announcement that securing domestic chip and bio supply chains will be strategic and important for South Korea’s economic security.
The 450 trillion won investments, expected to create 1.07 million jobs, are over 30% greater than the 330 trillion won Samsung invested in the five years to 2021.