Samsung Announces $205 Bln Investment Over 3 Yrs; To Create 40,000 Jobs By 2023

(RTTNews) - Technology company Samsung Group (SMSN.L, SSNNF.OB, SSNLF.OB) announced on Tuesday that it would invest around $205 billion or 240 trillion won into its semiconductor, biopharma and telecommunications units over the upcoming three years.

Of this total amount, $180 trillion won will be invested in South Korea. Samsung aims to create 40,000 jobs by the year 2023 through the said investment.

The company said that the main aim of the investment is to increase its presence on a global scale and be prominent in new industries like next-generation telecommunication and robotics. The main forces behind the investments are Samsung affiliates like Samsung Electronics and Samsung Biologics.

Along with the investments, the company also revealed its plan to fortify its technology and market leadership through mergers and acquisitions. With the new investments, Samsung Electronics plans to develop advanced process technology and expand the business with artificial intelligence and data centers for its system semiconductors. The company will also develop up-to-date technology like EUV-based sub14-nanometer DRAM and over 200-layer V-NAND products for the memory business. In May this year, the company had announced that it would invest $151 billion in its logic chip and foundry sector with the aim of becoming the world's largest chip maker by 2030. The company said that Samsung Biologics and Samsung Bioepis plan to establish two new plants, in addition to a fourth factory that is under construction, for expanding the contract development manufacturing organization or CDMO business. The South Korea tech giant will also expand its ongoing R&D in new technologies and emerging application in areas such as AI and robotics along with the next generation OLED, quantum-dot display and high-energy density batteries development.