Samsung to Offer Massive Investment Pledges

  • By Shin Eun-jin, Kang Dong-cheol

    July 31, 2018 12:54

    Samsung is expected to mollify the government with a W100-trillion investment plan and pledge to cooperate with small and mid-sized contractors with a view to supporting a vision for the so-called Fourth Industrial Revolution (US$1=W1,120).

    One corporate source said Monday that Finance Minister Kim Dong-yeon is to visit a Samsung Electronics factory in Pyeongtaek, Gyeonggi Province on Aug 6, where the tech giant will announce its investment plans.

    Samsung chief Lee Jae-yong, who is currently on a business trip abroad, will return to Korea ahead of Kim's visit.

    Samsung will unveil a W100-trillion-plus mid- to long-term investment plan, including W30 trillion to build another semiconductor assembly line in Pyeongtaek. It also plans to boost investments in OLED displays, artificial intelligence and hi-tech medical equipment.

    "We plan to boost the number of new hires as much as possible," a Samsung executive said. "We are also considering training new workers to meet the demands of the AI and Fourth Industrial revolutions." Samsung has not revealed hiring figures but is believed to have hired between 7,000 to 8,000 new workers a year.

    Samsung also plans to increase joint research with contractors in order to bolster their competitiveness and invest heavily in new growth drivers.

    Lee is serving a suspended sentence for bribing ex-President Park Geun-hye, and the government's relations with top conglomerates have been chilly. But there has been a tentative rapprochement, with President Moon Jae-in cutting the ribbon on a Samsung smartphone factory in India earlier this month. As yet ill-defined plans for the Fourth Industrial Revolution and job creation are both flagship projects of the Moon administration.

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