Samsung Group announced a $205b investment plan in the next gen fields of telecommunications, robotics, and artificial intelligence. According to the company, the investment plan will take three years to be completed and will create a total of 40,000 new jobs (South Korea must be beaming with joy). The plan will see Samsung pursue corporate acquisitions other than continuing its expansion of the various sectors of the group.
Through this plan, Samsung wishes to establish itself as a key player in both the chip industry and the biopharmaceutical industry. The company’s shares traded 3.1% higher on Tuesday after the announcement. The news comes just days after Samsung’s heir Lee Jae-yong was released from prison on parole. The court found Lee guilty of bribery, embezzlement, and concealment of criminal proceeds.
why it matters
Samsung’s investment plan has repercussions on two important global issues — the company will expand its one-stop site producing mRNA vaccines and will advance cutting edge technologies to provide long term solutions to the semiconductor crisis.