Samsung Unveils W240 Trillion Investment Plan

Samsung on Tuesday unveiled a plan to invest a record W240 trillion and recruit 40,000 new staff over the next three years (US$1=W1,167). That is over 30 percent more than investment over the last two years.

The idea is to invest nearly double the electronic giant's operating profit of W123 trillion over the past three years, with the goal of boosting competitiveness of its semiconductor business and focusing on biotechnology.

Seventy-five percent or W180 trillion will be invested in Korea.

Samsung vowed to do its best to prepare for the seismic changes it expects in the post-coronavirus era, focusing on industrial restructuring and creating jobs for young people. It also wants to invest in next-generation businesses including artificial intelligence while strengthening its position with bold mergers and acquisitions.

The announcement came after Samsung chief Lee Jae-yong was released from prison under a special amnesty on Aug. 13.