Samsung plans to invest EUR 175 billion in biopharmaceuticals, artificial intelligence, semiconductors and robotics over the next three years. Three quarters of that investment is spent in South Korea, and 10,000 new employees are to be added.
With the new investments of 240 trillion Korean won, Samsung hopes to strengthen its market position in these markets, including through acquisitions and mergers. The company does not provide details about these acquisitions. Samsung calls it a ‘survival strategy’, Reuters news agency writes based on a statement from the company.
The majority of the investments, three quarters, will be made in South Korea. In addition, ten thousand new employees will be hired. The investments include an earlier investment announcement of EUR 125 billion until 2030. These were mainly focused on the development of new chips.
Those investments are part of a larger plan by the South Korean government to invest heavily in the chip industry. The government does this by offering substantial tax benefits. In addition to Samsung, SK Hynix announced at the time that it was expanding in South Korea and ASML is also contributing to the expansion of the chip industry in South Korea.
With the new investment round, Samsung wants to focus on multiple sectors. These include biopharmaceuticals, artificial intelligence, semiconductor technology and robotics. The new three-year plan is 33 percent larger than the previous one. In 2018, Samsung announced an investment of 180 trillion Korean won over three years. At the time, that was 138 billion euros.