Samsung to invest 160 bln Dollars, hire 40,000 for next 3 years

11 August, 2018, 21:29 | Author: Bennie Parsons
  • 5 stunning stats about Samsung

Samsung Group on August 8 unveiled a whopping 180 trillion won (US$160 billion) investment plans, including 50 trillion won overseas, over the next three years in response to the government's growing calls for the nation's largest conglomerate to play a bigger role in economic recovery and job creation. Ltd. (Korea: SEC) reported its first sequential decline in quarterly profits, will also target automotive electronics components and biopharmaceuticals, said the company in a statement. The plan, for instance, will boost Samsung's global roster of advanced AI researchers to 1,000.

The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan. The company also made a decision to directly hire 40,000 more employees in the cited period. (Nasdaq: INTC) and Qualcomm Inc. As part of the plan, it will open up its venture incubation programme to external and internal start-up projects and provide software training.

"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul. The centres will train 10,000 students and job candidates, and provide employment consulting services for the next five years.

Samsung has been one of the most profitable tech companies on the planet in recent years.


More support for suppliers is also planned, with a total KRW 4 trillion available for extending financing to more sub-contractors in the lower-level supply chain and increasing incentive payments.

"Today's announcement shows Samsung is serious in its efforts to develop new growth engines" at a time when its semiconductor business and mobile sector are both facing mounting competition from Chinese rivals, Greg Roh of HMC Securities & Investment told AFP. Its de facto leader Lee Jae-yong was convicted of corruption a year ago, but released from prison in February.

A sign outside the Samsung Electronics office in San Jose, California.

Moon pledged to reform outdated practices and abuses in politics and in business and appointed a critic of big conglomerates, known as "chaebols", to lead South Korea's fair-trade commission.

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