Samsung to Invest $356 Billion by 2026 to Accelerate Growth in Chip Sector, Biopharma, Next-Gen Technology

Samsung Group will make investments KRW 450 trillion (roughly Rs. 27,60,920 crore) within the subsequent 5 years to speed up progress in semiconductors, biopharmaceutical, and different next-generation applied sciences, Samsung Electronics stated.

South Korea’s prime conglomerate stated on Tuesday the investments by means 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 might be made in South Korea and that Tuesday’s announcement features a KRW 240 trillion (roughly Rs. 14,72,610 crore) ) funding pledge made in August 2021.

Samsung didn’t embody electrical automobile batteries as a future progress engine within the announcement.

Samsung SDI, the group’s battery unit, and Stellantis, the dad or mum firm of Chrysler, are scheduled to announce their new battery plant within the US state of Indiana on Tuesday.

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

The KRW 450 trillion (roughly Rs. 27,60,920 crore) investments, anticipated to create 1.07 million jobs, are over 30 % better than the KRW 330 trillion (roughly Rs. 20,25,110 crore) Samsung invested within the 5 years to 2021.

Lately, the South Korean tech big posted a 58.57 % rise in first-quarter internet earnings, largely pushed by regular reminiscence chip demand and brisk smartphone gross sales. The world’s largest memory-chip maker is the flagship subsidiary of the enormous Samsung group, by far the biggest of the family-controlled empires often called chaebols that dominate enterprise in South Korea, Asia’s fourth largest financial system.

The conglomerate is essential to the South’s financial well being – its general turnover is equal to a fifth of the nationwide gross home product.

The agency stated internet revenue within the January-to-March interval was KRW 11.32 trillion (roughly Rs. 68,155 crore) – up 58.57 % from the identical interval yr earlier.

© Thomson Reuters 2022

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