Samsung to invest $161 billion for new plant

Tinuku - Samsung Electronics on Wednesday unveiled an investment plan of a 180 trillion won (US$161 billion), including the creation of 40,000 new jobs over the next three years. Tech titan to hire 40,000 employees, invest in new AI, 5G, biotech and car electronics businesses.

The plan was unveiled two days after Samsung’s scion Lee Jae-yong held a meeting with Kim Dong-yeon, the country’s top economic policymaker, on Monday at the tech titan’s memory chip plant in Pyeongtaek, Gyeonggi Province.

Tinuku Samsung to invest $161 billion for new plant

Of the 180 trillion won, a majority of the amount 130 trillion won, will be used for domestic investments, which will largely be allotted for the establishment of infrastructure for Samsung’s B2B businesses, including production facilities for semiconductor and display manufacturing.

Some 25 trillion won will be spent on artificial intelligence, the fifth-generation network, biotechnology and car electronics, which are deemed as Samsung’s new growth businesses. It is considered a significant expansion from the company’s previous employment size of between 20,000 and 25,000 for the past three years.

Samsung said the main purpose of the latest investment and job expansion plan is to keep its competitive edge in the existing businesses over global rivals and secure leading positions in emerging businesses for future growth.

“The investment plan centers on Samsung’s contribution to sustainable growth of the national economy and a win-win situation between Samsung and smaller businesses as well as young Koreans,” a Samsung official said in a press release.