Samsung Group will invest 240 trillion won (about $ 206 billion) over the next three years to expand its presence in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic era, stated Samsung Group leader Jay Y. Lee, released a week ago from prison where he was serving time on bribery and embezzlement charges.
The pearl of South Korea's largest conglomerate, Samsung Electronics Co, released a statement on Tuesday saying it will invest in chip manufacturing and robotics by 2023, adding that the group plans to strengthen its technology and market leadership through mergers and acquisitions.
The new investment plan is 30% larger than Samsung's previous three-year strategy announced in 2018. The group decided to increase investment to maintain its technological leadership, especially during “emergencies” at home and abroad.
“The chip industry is the backbone of the Korean economy ... Our aggressive investment is a coping strategy in the sense that when we lose our competitiveness, it’s almost impossible to return,” Samsung Electronics said in a statement.
