Image source: Samsung
In an announcement, tech giant Samsung laid out plans to invest $350 billion in the next five years, which will create tens and thousands of jobs for applicants.
The Korean company is investing more than they did in the past as they have seen a 30% increase in revenue compared to what they had in the past five-year period. They said that they would be focused on chipmaking and biopharmaceuticals – two industries with high potential for growth and income.
Samsung has announced that it will pour additional funds into its core businesses in order to assure continued growth and innovation. This is amid the volatile markets and increasing inflation.
The company announced that they would be spending a big fraction of their budget on South Korean facilities, and for now, it’s not clear yet where the other part of the budget will be poured into.
Subsequently, Samsung has announced that they will be increasing their hired workers by 80,000 within four years. They plan on employing 16,000 new staff members per year, with the bulk of the workers employed in South Korea. Other jobs will be opened across other Samsung factories in the United States, UK, Canada, and the Philippines.
The South Korean company Samsung is famous for its electronic devices like smartphones and televisions, with sales amounting to billions of dollars every year. However, the firm does not only supply these products; it also provides semiconductors amidst global shortages following inflation caused by Russia’s war on Ukraine.
Meanwhile, chipmaking is a crucial investment for Samsung, and they’re putting a fraction of their investment into it. Management said that this would be one of the company’s priorities as it is a promising field with massive return potential.
In April of this year, Samsung saw a 50% increase in its chip sales. The company earned a total of 77.8 trillion Korean won or roughly $61.3 billion in revenue and 14.1 trillion Korean won ($11.1 billion) in operating profit.
In a bold move to stay ahead of the competition, Samsung has announced that they will be increasing efforts to perfect 6G technology. Smartphones and other telecommunications are still on 5G. When completed, the advancement will mark another milestone for the tech giant.
The announcement of Samsung came in after U.S President Joe Biden arrived in the country for his trip to Asian countries, where he discussed matters relating to economic recovery with leaders and other diplomatic issues.
In a speech, Biden said, “So much of the future of the world is going to be written here, in the Indo-Pacific, in the next several decades,” stressing the importance of Asian nations in the global dynamics.
Opinions expressed by US Insider contributors are their own.