Wednesday, April 24, 2024

Samsung makes $205 billion investment announcement and Plan to become a technological powerhouse

On Tuesday, Samsung Group launched a $205 billion investment plan aiming at establishing the business as a leader in a variety of technologies, from semiconductors to robots, while also creating 40,000 new jobs. The tech behemoth is South Korea’s largest company, with total revenue of a fifth of the country’s gross domestic product. Samsung Electronics, the company’s flagship division, is the largest smartphone manufacturer in the world.

Samsung said in a statement that the plan will “help Samsung strengthen its worldwide leadership in key industries while pioneering innovation in new domains,” and that it will also pursue corporate acquisitions.

On the semiconductor front, the company stated that it will strive to improve cutting-edge technology in order to address “long-term demand rather than short-term adjustments.” It plans to spend 180 trillion won ($205 billion) of the 240 trillion won ($205 billion) it has set aside for South Korea. On top of the 30,000 jobs currently envisaged, 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.

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