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Samsung plans to create 80,000 new jobs with an investment of 356 billion dollars

Hong Kong
CNN Business

On Tuesday, Samsung outlined a plan to pour more than $ 350 billion into its businesses and create tens of thousands of new jobs over the next five years.

Despite an uncertain economic environment exacerbated by long-term supply chain problems and the war in Ukraine, the South Korean conglomerate said it would invest 450 trillion won ($ 356 billion) by 2026, primarily in core businesses such as chip manufacturing and biopharmaceutical products. It marks a jump of 30% from what it used in the previous five-year period.

The bulk of the investment – 360 trillion Korean won ($ 285 billion) – will be invested in South Korea. It did not specify where the rest of the funds would be distributed.

The group is also in the process of hiring a round that will create 80,000 new jobs through 2026, “or around 16,000 positions annually,” it says in a statement. Previously, the goal was to generate 40,000 jobs from 2021 to 2023.

Most jobs are expected to be in South Korea. But the technology giant also has research and development centers around the world, including the UK, US, Canada and the Philippines.

Samsung is best known for its electronics division, with its popular smartphones and TVs. In recent years, the company has leaned further into its role as a supplier of semiconductors as manufacturers around the world suffer from shortages.

Memory chips, which have proven to be an important money maker for Samsung, will continue to be a focus area with further investments planned, according to the company.

On the consumer side, the company plans to increase the development of 6G, the next generation of wireless telecommunications technology.

The news comes just days after US President Joe Biden visited a Samsung semiconductor factory at the start of a visit to Asia.

“So much of the world’s future will be written here, in the Indo-Pacific, over the next few decades,” Biden said as he visited the South Korean plant.

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