Samsung said 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 said on Tuesday that the investments will help it achieve long-term growth in crucial areas like the semiconductor industry, while also promising aggressive investments in the biopharmaceutical industry to make it as successful as its chip business.
Samsung Electronics, the world’s largest memory chip producer, did not offer 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 promise made in August 2021.
In its announcement, Samsung did not mention electric car batteries as a potential growth engine.
On Tuesday, Samsung SDI, the group’s battery unit, and Stellantis, Chrysler’s parent company, will unveil their new battery facility in Indiana, the United States.
Samsung stated in the announcement that securing local chip and bio supply chains will be vital and important for South Korea’s economic security.
The 450 trillion won investment, which is estimated to create 1.07 million employees, is more than 30% higher than Samsung’s five-year commitment of 330 trillion won.
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