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Samsung will invest 300,000 million in five years to grow in semiconductors and biopharma

2022-05-24T15:41:52.990Z

The South Korean giant plans to concentrate 80% of the funds in its country and create 80,000 jobs US President Joe Biden greets South Korean President Yoon Suk-yeol during a visit to the Samsung plant in Pyeongtaek. DPA via Europa Press (Europa Press) The South Korean technology manufacturer Samsung Electronics plans to invest 450 billion won (333,000 million euros) in the next five years in order to boost the company's growth and competitiveness in sectors such as the production of semicondu



US President Joe Biden greets South Korean President Yoon Suk-yeol during a visit to the Samsung plant in Pyeongtaek. DPA via Europa Press (Europa Press)

The South Korean technology manufacturer Samsung Electronics plans to invest 450 billion won (333,000 million euros) in the next five years in order to boost the company's growth and competitiveness in sectors such as the production of semiconductors, biopharmaceuticals and other cutting-edge technologies. generation.

The investment announced by Samsung represents an increase of 36.4% compared to the 330 billion won (244,000 million euros) of the last five years and will concentrate 80% in South Korea, where the multinational will invest around 360 trillion won (266.4 billion euros).

Likewise, the Suwon giant has specified that this investment plan will allow the creation of 80,000 new jobs, double those initially planned by the company.

Samsung has said it hopes to establish a "virtuous circle structure" in which business success leads to the development of related industries and increased national income, leading to economic development in South Korea, though it has warned that Countries around the world are recognizing the importance of the semiconductor and biotech industries and are beginning "strategic industrialization."

"In terms of economic security, having a semiconductor/biotech supply chain in South Korea makes strategic sense beyond simply being expressed in numbers like GDP," the company said.

Source: elparis

All business articles on 2022-05-24

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