Samsung set to invest $22bn to focus on new growth areas

By Sean Galea-Pace
The South Korea-based electronic giant Samsung has confirmed it is set to invest 25 trillion won ($22bn) in a bid to pursue new growth areas, Reuters re...

The South Korea-based electronic giant Samsung has confirmed it is set to invest 25 trillion won ($22bn) in a bid to pursue new growth areas, Reuters reports.

In an announcement on Wednesday (8 August), the firm highlighted the key areas of investment which include 5G mobile technology, electric components for autos, artificial intelligence (AI) and the biopharmaceutical business.

The statement said: “Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses.”

“It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars.”

See more:

The venture is Samsung’s first of its kind and is part of a 180 trillion won ($160bn) scheme to create jobs and secure revenue streams over the next three years.

The plan demonstrates an urge to concentrate on expanding into new segments due to its main semiconductor and phone businesses beginning to show signs of struggle.

It is anticipated that 130 trillion won ($116bn) of the total figure will be invested in South Korea and create 40,000 jobs.

It is thought that the firm will considerably enhance its AI research capability which will see the figures of advanced researchers increase to 1,000 across its global AI centres.

Share

Featured Articles

How technology has improved Health & Safety in manufacturing

Johann Cilliers, Group Marketing Director at Welding Alloys, explains how technology has improved Health & Safety in the manufacturing industry

Nick Dinges, Replique CTO, explores additive manufacturing

Replique’s CTO Nick Dinges shares his knowledge on 3D printing, how localised production can help supply chains & what the manufacturing sector wants

Hanwha to spend US$2.5bn on US solar manufacturing

South Korean chemical manufacturer Hanwha will spend US$2.5bn on US solar manufacturing at Georgia plant, in a new renewable energy push

Hexagon invests in Divergent Technologies digital factories

Digital Factory

India’s smart manufacturing electric vehicle future

Smart Manufacturing

Manufacturing a legacy of safety, sustainability, and skill

Procurement & Supply Chain