USD 360 billion! Samsung Group will increase investment in chip and biotechnology within five years

Source: Zhitong Finance

    On May 24, against the background that South Korean enterprise groups are trying to cope with the increasingly serious economic and supply impact, Samsung Group recently issued a statement that it plans to increase spending by more than 30% to 450 trillion won (about US $360 billion) in the five years to 2026 to support businesses in fields from chips to biopharmaceuticals.

     According to the statement, Samsung Group, whose subsidiaries include Samsung Electronics and Samsung biological agents, promised to create 80000 jobs by 2026, most of which are for the semiconductor and biopharmaceutical industries.

    Samsung group pays particular attention to its subsidiary Samsung Electronics. Samsung Electronics is a pearl in the crown of a huge business empire with a scale of trillions of dollars and spanning the shipbuilding industry, technology industry, health care and financial industry. Last year, the world‘s largest manufacturer of smart phones, displays, memory chips and consumer appliances announced plans to invest $151 billion by 2030 to conduct in-depth research on advanced chip manufacturing, most of which will be used in its semiconductor sector. The Department is also expanding rapidly, trying to compete with Intel and TSMC to produce chips for world-renowned companies such as NVIDIA and Qualcomm.

    In addition, it is expected that Samsung, together with the main heads of other famous chaebol groups such as Hyundai and SK group, will assume part of the responsibility for promoting South Korea‘s economic growth in the case of rising prices and supply chain interruption caused by factors such as the epidemic and the conflict between Russia and Ukraine. According to the national blueprint formulated by the previous government, Samsung Electronics and SK Hynix have promised to invest more than 510 trillion won in Semiconductor R & D and production by 2030.

    Finally, Samsung Group also pointed out in the statement that about 360 trillion won will be used at home and the rest will be invested overseas. It is understood that Samsung Electronics is currently building a $17 billion advanced chip factory in Texas.

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