Samsung has been under the scope for a with Xiaomi threatening to take Samsung Electronics spot in the smartphone market, however, Samsung Group seems to be keen on becoming a leader in a new range of technologies from semiconductors to robotics.
The South Korean company has now unveiled a $205 billion investment blueprint on Tuesday aimed at helping Samsung reach this goal while at the same time creating 40,000 new jobs.
The tech giant and South Korea’s largest conglomerate has its overall turnover equivalent to a fifth of the national gross domestic product. Samsung Electronics, its flagship subsidiary, is still the world’s biggest smartphone maker.
The company in a statement said the plan will “help Samsung strengthen its global standing in key industries while spearheading innovation in new fields”. Samsung is also looking to pursue corporate acquisitions.
On the semiconductor front, the firm said it will seek to enhance cutting-edge technologies to meet “long-term demand rather than short-term changes”.
It is also looking to expand its biopharmaceutical business run by Samsung Biologics and Samsung Bioepisit.
The conglomerate said it would build two new manufacturing plants on top of three currently in operation with a view to tapping into the manufacturing of vaccines.
Of the 240 trillion won ($205 billion) it plans to spend, it will commit 180 trillion won to South Korea.
The domestic investment is expected to create another 10,000 jobs on top of 30,000 already planned. It could also induce as many as 560,000 new hirings in related industries, it said.
The announcement comes just days after Lee Jae-Yong, the de-facto leader of the conglomerate, walked out of prison on parole after completing only about half of his jail term.
It was the latest instance of the country’s long tradition of freeing business leaders on economic grounds after imprisonment for corruption or tax evasion.
Lee was serving a two-and-a-half-year prison sentence for bribery, embezzlement, and other offenses in connection with a corruption scandal that brought down former South Korean President Park Geun-Hye.