To propel the growth in biopharmaceuticals, semiconductors, and other next-gen technologies, Samsung is planning to spend 450 trillion won ($356 billion) over the next five years.
The South Korean behemoth in a statement on Tuesday said that the objective of these investments till 2026 is to facilitate the long-term growth of the company in key sectors such as the chip manufacturing industry.
They also want similar, if not better growth in other areas like the biopharmaceutical market, in which Samsung is investing aggressively.
Samsung Electronics has garnered a reputation as a reliable and competitive company, and they hold the title of the largest memory chip manufacturer in the world. Although the statement gave a broad outline of the investment plans, they are yet to give an official breakdown of the investments.
However, Samsung has clarified that 80% of the investment will be focused on South Korea. The statement also includes the fulfilment of a 240 trillion pledge made by them in 2021.
It is interesting to note that batteries for electric vehicles didn’t make it to the list of industries for future growth.
The state of Indiana will get a new battery plant, which is scheduled to be announced together by Samsung SDI, which is the battery production wing of Samsung, and Stellantis, which is the subsidiary of Chrysler.
Getting hold of bio and local chip supply chains is going to bolster the economy of South Korea, and will further strengthen their hold in the global markets.
With this investment of 450 trillion won, Samsung will provide more than 1.07 million jobs.