South Korean conglomerate Samsung plans to invest 240 trillion won by 2023 in having a competitive edge in future strategic industries such as semiconductors, biotechnology and next generation communications. In particular, it will spend a total of 180 trillion won on the domestic market while directly hiring more than 40,000 employees over three years. Samsung’s regular public recruitment system stands to be in place for the sake of employment stability and predictability whereas other major domestic businesses have abolished or plan to remove the system.
Samsung published the largest ever investment and recruitment plan on Wednesday. “We plan to prepare us for a series of major changes in industries, international order and social structures that will happen after the COVID-19 pandemic is over,” Samsung said. “Samsung will make the investment decision to make sure that it fulfills its corporate roles for large investments and job creation for next generations.”
Samsung’s goal is to focus on semiconductors, biotechnology, next generation communications, IT and other new growth engines. It aims to top industries of system semiconductors and biomedical Contract Development & Manufacturing Organization (CDMO) while acquiring technological leadership in 6th generation telecommunications, AI and robots.
The announcement came 11 days after Samsung Electronics Vice Chairman Lee Jae-yong was paroled on Aug. 13. Upon his release from prison, Lee visited his office in Seocho-dong, Seoul, to meet up with management. He reportedly led management leaders of Samsung Electronics and major affiliates to work on a future investment plan.
There are growing expectations across the business world that as the return of Vice Chairman Lee lessened the management burden of Samsung Electronics, it will revitalize the economy by taking aggressive action for investment, employment and R&D assistance for SMEs. Samsung Electronics announced on Wednesday that its large investment initiative will not only hire 40,000 jobs directly but also create around 560,000 jobs.
Dong-Il Seo email@example.com · Hyun-Seok Lim firstname.lastname@example.org