Samsung Group will invest 240 trillion won ($206 billion) in the next three years to grow its impression in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic period, Samsung Electronics Co Ltd said.
The gem of South Korea’s greatest conglomerate on Tuesday said the investment through 2023 will support with reinforcing the group’s global positioning in key industries, for example, chip-production, while permitting it to look for development openings in new areas like robotics and cutting edge telecommunications.
Samsung Electronics, the world’s biggest memory chip maker, said the group intends to cement innovation and market leadership through consolidations and acquisitions. It didn’t give a breakdown of the investment figures.
The firm didn’t say whether the most recent investment figure includes the $17 billion it was purportedly spending on another U.S. chip contract chip processing plant.
The deal is 30% bigger than Samsung’s past three-year strategy established in 2018. The group chose to expand investment to hold technological leadership, particularly during “crisis circumstances” at home and abroad.
“The chip business is the wellbeing plate of the Korean economy… Our forceful investment is an endurance technique one might say that once we lose our intensity, it is practically difficult to make a rebound,” Samsung Electronics said in a statement.
Chip rivals including Taiwan Semiconductor Manufacturing Co Ltd and Intel Corp are making huge investment in the midst of a global chip deficiency and increasing rivalry in the high level chip segment.
Samsung Group has 59 subsidiaries with assets totaling 457 trillion won, as per South Korea’s Fair Trade commission.
The growth strategy was released about a week after Samsung Group leader Jay Y. Lee was released from prison on parole following convictions for bribery and embezzlement.
