SEOUL — Samsung Group unveiled a $205 billion investment blueprint on
Tuesday aimed at making the company a leader in a range of technologies from
semiconductors to robotics and creating 40,000 new jobs.
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The tech giant is South Korea's largest conglomerate and its overall
turnover is equivalent to a fifth of the national gross domestic product.
Samsung Electronics, its flagship subsidiary, is the world's biggest smartphone
maker.
The plan will "help Samsung strengthen its global standing in key
industries while spearheading innovation in new fields," the company said
in a statement, adding that it will also pursue corporate acquisitions.
On the semiconductor front, the firm said it will seek to enhance
cutting-edge technologies to meet "long-term demand rather than short-term
changes."
It is also looking to expand its biopharmaceutical business run by Samsung
Biologics and Samsung Bioepisit.
The conglomerate said it would build two new manufacturing plants on top of
three currently in operation with a view to tapping into the manufacturing of
vaccines.
Of the $205 billion it plans to spend, it will commit around $154 to South
Korea.
The domestic investment is expected to create another 10,000 jobs on top
of 30,000 already planned. I
t could also induce as many as 560,000 new hirings
in related industries, it said.
The announcement comes just days after Lee Jae-yong, the de-facto leader of
the conglomerate, walked out of prison on parole after completing only about
half of his jail term.
It was the latest instance of the country's long tradition of freeing
business leaders on economic grounds after imprisonment for corruption or tax
evasion.
Lee was serving a two-and-a-half year prison sentence for bribery,
embezzlement, and other offenses in connection with a corruption scandal that
brought down former South Korean president Park Geun-hye.
But his parole is not the end of his legal travails: he remains on trial
over alleged stock manipulation that effectively eased his path to take control
of the family conglomerate.
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