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SEOUL: Samsung Group on Tuesday unveiled a large $356 billion funding blueprint for the following 5 years aimed toward making it a frontrunner in a variety of sectors from semiconductors to biologics.
The brand new determine is a rise of greater than a 3rd over its earlier plan introduced final yr.
The tech big is South Korea’s largest conglomerate and its total turnover is equal to a fifth of the nationwide gross home product.
Samsung Electronics, its flagship subsidiary, is the world’s greatest smartphone maker.
The funding plan would carry “long-term progress in strategic companies and assist strengthen the worldwide industrial ecosystem of essential know-how”, Samsung mentioned in a press release.
The 80,000 new jobs could be created “primarily in core companies together with semiconductors and biopharmaceuticals” via 2026.
It additionally famous the funding would “carry ahead the mass manufacturing of chips based mostly on the 3-nanometer course of,” the newest know-how to additional shrink down the scale of semiconductors and enhance computing energy.
It would additionally make investments closely in biopharmaceuticals with its associates Samsung Biologics and Samsung Bioepis within the discipline.
The announcement comes after President Joe Biden toured Samsung Electronics’ huge Pyeongtaek semiconductor manufacturing facility on Friday, underscoring the South Korean firm’s position in securing world provide chains of microchips, on his first Asia journey as US chief.
South Korea and the US must work to “hold our provide chains resilient, dependable and safe,” Biden mentioned, calling semiconductors manufactured there as “a surprise of innovation” and essential to the worldwide financial system.
Samsung employs about 20,000 folks inside the US and work is underway to construct a brand new semiconductor plant in Texas, scheduled to open in 2024.
The brand new determine is a rise of greater than a 3rd over its earlier plan introduced final yr.
The tech big is South Korea’s largest conglomerate and its total turnover is equal to a fifth of the nationwide gross home product.
Samsung Electronics, its flagship subsidiary, is the world’s greatest smartphone maker.
The funding plan would carry “long-term progress in strategic companies and assist strengthen the worldwide industrial ecosystem of essential know-how”, Samsung mentioned in a press release.
The 80,000 new jobs could be created “primarily in core companies together with semiconductors and biopharmaceuticals” via 2026.
It additionally famous the funding would “carry ahead the mass manufacturing of chips based mostly on the 3-nanometer course of,” the newest know-how to additional shrink down the scale of semiconductors and enhance computing energy.
It would additionally make investments closely in biopharmaceuticals with its associates Samsung Biologics and Samsung Bioepis within the discipline.
The announcement comes after President Joe Biden toured Samsung Electronics’ huge Pyeongtaek semiconductor manufacturing facility on Friday, underscoring the South Korean firm’s position in securing world provide chains of microchips, on his first Asia journey as US chief.
South Korea and the US must work to “hold our provide chains resilient, dependable and safe,” Biden mentioned, calling semiconductors manufactured there as “a surprise of innovation” and essential to the worldwide financial system.
Samsung employs about 20,000 folks inside the US and work is underway to construct a brand new semiconductor plant in Texas, scheduled to open in 2024.
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