FILE PHOTO: The emblem of Samsung is seen on a constructing through the Cellular World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman
August 24, 2021
By Heekyong Yang
SEOUL (Reuters) -Samsung Group will make investments 240 trillion gained ($206 billion) within the subsequent three years to develop its footprint in biopharmaceuticals, synthetic intelligence, semiconductors and robotics within the post-pandemic period, Samsung Electronics Co Ltd stated.
The jewel of South Korea’s greatest conglomerate on Tuesday stated the funding via 2023 will assist strengthen the group’s world standing in key industries similar to chip-making, whereas permitting it to hunt development alternatives in new areas similar to robotics and next-generation telecommunications.
Samsung Electronics, the world’s largest reminiscence chip maker, stated the group plans to solidify expertise and market management via mergers and acquisitions. It didn’t present a breakdown of the funding figures.
The agency didn’t say whether or not the most recent funding determine consists of the $17 billion it was reportedly spending on a brand new U.S. chip contract chip manufacturing unit. The plan is 30% bigger than Samsung’s earlier three-year technique floated in 2018. The group determined to extend funding to retain technological management, particularly throughout “emergency conditions” at dwelling and overseas.
“The chip business is the security plate of the Korean financial system… Our aggressive funding is a survival technique in a way that after we lose our competitiveness, it’s virtually not possible to make a comeback,” Samsung Electronics stated in a press release.
Chip rivals together with Taiwan Semiconductor Manufacturing Co Ltd and Intel Corp are making massive investments amid a world chip scarcity and intensifying competitors within the superior chip section.
Samsung Group has 59 associates with belongings totalling 457 trillion gained, based on South Korea’s Truthful Commerce Fee.
The funding plan comes simply over every week since Samsung Group chief Jay Y. Lee was launched from jail on parole following convictions for bribery and embezzlement.
($1 = 1,167.0800 gained)
(Reporting by Heekyong Yang, Modifying by Sherry Jacob-Phillips and Christopher Cushing)