Samsung to invest 450 tril. won in chip, bio industries for next 5 years
U.S. President Joe Biden and South Korean President Yoon Suk-yeol, look around a Samsung Electronics chip plant in Pyeongtaek, 70 kilometers south of Seoul, May 20, guided by Lee Jae-yong, center, the de facto leader of Samsung Group and Samsung Electronics vice chairman. Yonhap
Samsung Electronics said Tuesday it will invest 450 trillion won ($355 billion) in semiconductors and biosciences over the next five years, as South Korea's largest company seeks to further expand its business in future growth areas.
The company said it will spend 360 trillion won, or 80 percent of the investment, for research and development, and talent nurturing in South Korea, especially in advanced chipmaking.
The planned investment is up 120 trillion won from the total 330 trillion won Samsung invested over the past five years.
Samsung named semiconductors, biosciences, artificial intelligence and next-generation communication technologies as the tech giant's future growth drivers.
Samsung said it will continue to aggressively invest in the semiconductor industry that has faced a chronic chip shortage over the past few years, and find new markets for further growth.
In particular, Samsung said it will work to cement its leading position in the global memory chip market and try, at the same time, to improve its contract chip manufacturing business that lags far behind TSMC.
Samsung expected the investment to nurture a fabless ecosystem in South Korea, which in turn will drive growth in electric cars, smart factories, robotics and smart home appliances.
The promised investment will be partly used for securing advanced chip-making machines from, for example, ASML Holding N.V., the world's leading photolithography equipment maker.
On Friday, South Korean President Yoon Suk-yeol and U.S. President Joe Biden toured Samsung's chip factory in Pyeongtaek, some 70 kilometers south of Seoul, in a symbolic gesture illustrating the two allies' commitment to cooperating in key industries, such as semiconductors. (Yonhap)