Samsung Group to invest $205Bn by 2023; to create 40,000 new jobs

South Korean multinational manufacturing company, Samsung Group has recently revealed a $205 billion investment plan targeted at building the company as a leader in various technological domains such as semiconductors and robots, further creating 40,000 new jobs by 2023.

According to Samsung, the plan will assist them to strengthen its global presence in the major industries while leading innovation in the new fields. Additionally, the firm will be undertaking corporate acquisitions.

In terms of semiconductors, the company stated that it would strive to improve cutting-edge technology to fulfil "long-term demand rather than short-term adjustments. It is likewise striving to expand its biopharmaceutical division operated by Samsung Bioepisit and Samsung Biologics.

The conglomerate said that it would be adding two new manufacturing locations to its existing three sites with an aim to enter the vaccine manufacturing business.

Samsung plans to invest the 240 trillion won ($205 billion): of which 180 trillion won will be committed to South Korea.

On top of the 30,000 jobs already planned earlier, the domestic investment is likely to create another 10,000 jobs. It might also result in up to 560,000 additional jobs in allied industries, according to the report.

The news comes days after Lee Jae-Yong, the Samsung’s de facto boss, was released on bail after serving only nearly half of his imprisonment.

It was the most recent example of the country's long history of discharging professional titans on economic grounds after serving time in prison for tax cheating or corruption.

Sources cite that Lee served a two-and-a-half-year sentence for embezzlement, bribery, and other crimes related to corruption that brought down earlier South Korean President Park Geun-Hye down.

For the record, Samsung one of South Korea's major tech companies, with a total income of a 5th of the country's gross domestic product. The company's flagship arm, Samsung Electronics, is the largest smartphone manufacturer in the world.

Source Credit - https://www.moneycontrol.com/news/business/samsung-announces-205-billion-investment-plan-to-create-40000-jobs-7394861.html