Samsung to invest $356 billion over five years in strategic sectors

SEOUL, Might 24 (Reuters) – Samsung Group will make investments 450 trillion received ($356 billion) within the subsequent 5 years to speed up progress in semiconductors, biopharmaceutical and different next-generation applied sciences, Samsung Electronics (005930.KS) mentioned.

South Korea’s prime conglomerate mentioned on Tuesday the investments by way of 2026 are anticipated to assist Samsung drive long-term progress in strategic areas such because the chip sector, whereas pledging aggressive investments within the biopharmaceutical sector to make it as profitable as its chip enterprise.

Samsung Electronics, the world’s largest reminiscence chip maker, didn’t present a breakdown of the figures, although it added that 80% of investments shall be made in South Korea and that Tuesday’s announcement features a 240 trillion received funding pledge made in August 2021. learn extra

Samsung didn’t embrace electrical car batteries as a future progress engine within the announcement.

Samsung SDI, the group’s battery unit, and Stellantis, the guardian firm of Chrysler, are scheduled to announce their new battery plant within the U.S. state of Indiana on Tuesday. learn extra

Securing home chip and bio provide chains may have strategic significance and be essential for South Korea’s financial safety, Samsung mentioned within the announcement.

The 450 trillion received investments, anticipated to create 1.07 million jobs, are over 30% better than the 330 trillion received Samsung invested within the 5 years to 2021.

($1 = 1,263.7900 received)

Reporting by Byungwook Kim; Enhancing by Sonali Desai

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