In the coming years, Samsung is going to invest many tens of billions of euros. The South Korean technology company wants to gain an edge in telecommunications and robotics. In addition, the money will be used for research and company takeovers.
In total, this involves investments worth 240 trillion won over the next three years. Three-quarters of that must be spent in South Korea. An additional 10,000 employees will also be hired, bringing the total number of new employees to 40,000 for that period.
The envisaged investments include previously announced expenses. For example, Samsung previously announced that it wanted to invest 150 billion in chips production until 2030.
Samsung’s new strategic decision follows shortly after the release of executive director Lee Jae-yong. He was released from South Korean prison earlier this month on parole, where he spent 18 months. The driver was initially sentenced to five years in prison for bribery and embezzlement but was eventually sentenced to 30 months in prison.
South Korea has recently seen growing support for the release, both politically and among the public. This was mainly due to growing concerns that Samsung’s key strategic decisions were not made in Lee’s absence. A decision has also yet to be made on the location of a US$17 billion manufacturing facility for advanced chips.