Samsung to Invest KRW 240 Trillion Over Next Three Years

Samsung Group will invest KRW 240 trillion (roughly Rs. 15,26,645 crores) in the next three years to expand footprint in biopharmaceutical, artificial intelligence, semiconductor, and robotics industries in the post-pandemic era, Samsung Electronics said.

South Korea's top conglomerate said on Tuesday the investments through 2023 are expected to help Samsung strengthen its global standing in key industries such as the chip sector, while seeking more growth opportunities in new fields such as next-generation telecommunications and robotics.

Samsung, the world's largest memory chip maker, did not provide a breakdown of the figures, though it added that the group plans to solidify technology and market leadership through mergers and acquisitions.

Samsung also did not provide any details on its reported investment of $17 billion (roughly Rs. 1,26,050 crores) for a chip factory in the United States. According to a document filed with Texas state officials, the company is considering a location in Williamson County for the chip contract manufacturing facility that would result in 1,800 new jobs.

The investment plan comes more than a week after its leader Jay Y. Lee was released from jail on parole following convictions of bribery and embezzlement.

© Thomson Reuters 2021