Samsung to invest 180 Tln Won and hire 40,000

Aug 09, 2018, 08:40 am

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By AsiaToday reporter Kim Kyu-bin 

Samsung plans to invest 180 trillion won (US$160 billion) over the next three years to revitalize the national economy and foster new growth engines. In response to the government's request to expand investment and employment, the company will especially focus on fostering emerging industries, including artificial intelligence (AI) and bio technologies, and will directly hire 40,000 employees. 

Samsung Electronics on Wednesday unveiled its plan for economy revitalization and job creation by expanding new investments, creating new jobs for young people, fostering future growth businesses, establishing an open innovation ecosystem, and strengthening win-win cooperation with smaller businesses. 

Of the 180 trillion won, 130 trillion won (US$116 billion) will be used for domestic investment, largely concentrated in the electronics sector. For semiconductors, Samsung plans to expand investment in its manufacturing factories in preparation to meet new demand from applications in AI, fifth-generation network (5G), data centers and automotive electronics. For display panels, Samsung plans to expand investments in developing high-value, differentiated products amid fierce competition in the industry. 

Some 25 trillion won (US$22 billion) will be spent on AI, 5G, biopharmaceuticals and car electronics, which are chosen as Samsung's four new growth businesses. 

Samsung also plans to hire 40,000 employees over the next three years. Along with the direct employment, Samsung's investment in the country is expected to help induce around 700,000 jobs in related industries and businesses. 

Samsung also decided to set up and operate software education centers to train 10,000 students and job candidates, offering employment consulting services for the next five years. The company will also lend support to around 500 startups.

At the same time, it plans to set up a new fund of 110 billion won (US$98 million) jointly with the government over the next five years to help 2,500 SMEs adopt smart-factory solutions in their production lines.

#Samsung #investment #South Korea #direct employment #AI 
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