September 24, 2021

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Samsung invests $205 billion in technology and robotics, to create 40,000 new jobs

Samsung Group on Tuesday unveiled a $205 billion investment plan aimed at making the company a leader in a range of technologies ranging from semiconductors to robotics and creating 40,000 new jobs.

The tech giant is South Korea’s largest conglomerate, and its total revenue is equivalent to a fifth of the national GDP. Samsung Electronics, its flagship subsidiary, is the world’s largest smartphone maker.

The plan will “help Samsung strengthen its global position in key industries while driving innovation in new areas,” the company said in a statement, adding that it would pursue business acquisitions.

On the semiconductor front, the company said it will look to improve advanced technologies to meet “long-term demand rather than short-term changes”.

It is also looking to grow its biopharmaceuticals business led by Samsung Biologics and Samsung Bioepisit.

The group said that it will build two new factories in addition to the three currently operating factories, with the aim of exploiting the manufacture of vaccines.

Of the 240 trillion won ($205 billion) he plans to spend, he will commit 180 trillion won to South Korea.

The national investment is expected to create another 10,000 jobs in addition to the 30,000 already planned. It could also lead to the hiring of up to 560,000 new employees in related industries, he said.

The announcement comes just days after Lee Jae Young, the de facto leader of the conglomerate, was released from prison on parole after serving only half of his prison term.

It was the latest example in the country’s long tradition of releasing business leaders on economic grounds after serving a prison sentence for corruption or tax evasion.

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Lee was serving a two-and-a-half year prison sentence for bribery, embezzlement and other crimes in connection with a corruption scandal that brought down former South Korean President Park Geun-hye.

But his parole wasn’t the end of his legal difficulties: he’s still on trial for alleged stock manipulation that smoothed his way to take control of the family conglomerate.

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