Samsung to spend $205 billion across 3 years that will create 40,000 jobs

By VARINDIA - 2021-08-25

Samsung to spend $205 billion across 3 years that will create 40,000 jobs

Samsung said it will spend 240 trillion won, approximately $205 billion, over the next three years aimed at making the company a leader in a range of technologies from semiconductors to robotics and creating 40,000 new jobs, a sprawling investment blueprint intended to build the South Korean conglomerate’s lead in next-generation technologies.

 

The 240 trillion won allocation will create 40,000 direct jobs, with 180 trillion won of that total to be spent in South Korea. According to Samsung, it spent around 180 trillion won in capital expenditure and R&D from 2018 to 2020.

 

The upped spending plan for the next three years is aimed at making Samsung a leader for strategically important industries so it is ready for "great changes in industry, international order, and social structure expected after the COVID-19 pandemic," the South Korean tech giant said.

 

The semiconductor sector requires "aggressive investment" due to the current global climate surrounding the industry, Samsung said.

 

According to the South Korean tech giant, the global semiconductor industry is currently rife with competition, with the US planning to spend over $50 billion to boost its chip industry, the European Union targeting a global market share of 20% in chips by 2030, and China planning to increase its R&D budget for advanced technologies, which includes semiconductors, by over 7% every year up to 2035.

 

Going forward, Samsung will continue its focus on 5G while also strengthening its preparation for 6G, it added.

 

The 240 trillion won investment plan also includes support for the company's ongoing R&D in emerging technologies and applications such as AI and robotics, it said.


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