Samsung to invest 206 bln USD in chip, bio until 2023

Source: Xinhua| 2021-08-24 17:42:59|Editor: huaxia

SEOUL, Aug. 24 (Xinhua) -- Samsung Group, South Korea's largest family-run conglomerate, said Tuesday that it will invest 240 trillion won (206 billion U.S. dollars) in semiconductors and biopharmaceuticals for the next three years until 2023.

Samsung said in a statement that the investment in strategic businesses to drive future growth will be led by various Samsung affiliates, including its mainstay Samsung Electronics and Samsung Biologics.

Out of the total, 180 trillion won (154 billion U.S. dollars) will be invested locally. The total amount topped Samsung's previous three-year investment plan of 180 trillion won announced in 2018.

Samsung Electronics planned an early execution of the already announced investment to develop advanced process technology and expand business for new applications in artificial intelligence (AI) and data centers.

The tech affiliate will continue in research and development (R&D) and infrastructure, focusing on meeting the mid- to long-term demand rather than short-term changes in market conditions, Samsung said.

Samsung Biologics and Samsung Bioepis will expand contract manufacturing business by building two new plants in addition to three currently in operation and the fourth facility presently under construction.

The biopharmaceutical units will newly enter into the contract manufacturing of vaccines and the cellular and gene therapy products, while the biosimilar business will continue to boost the product development pipeline.

Samsung said it will apply high-performance AI algorithm to more smart devices, noting that the robotics investment will look to secure core technology in the sector.

With the new investment, Samsung expected to create 40,000 new jobs over the next three years. Enditem

KEY WORDS: South Korea,Samsung investment