Samsung Group on Tuesday unveiled a massive $356 billion investment blueprint for the next five years aimed at making it a front-runner in a wide range of sectors.
The new figure is an increase of more than a third over its earlier plan announced last year. The tech giant is South Korea’s largest conglomerate and its overall turnover is equivalent to a fifth of the national gross domestic product.
Samsung Electronics, its flagship subsidiary, is the world’s biggest smartphone maker.
According to Samsung, the investment plan would bring long-term growth in strategic businesses and help strengthen the global industrial ecosystem of crucial technology.
Through the multibillion-dollar investment, 80,000 new jobs would be created primarily in core businesses including semiconductors and biopharmaceuticals through 2026.
It also noted the investment would “bring forward the mass production of chips based on the 3-nanometer process,” the latest technology to further shrink the size of semiconductors and boost computing power.
Samsung will also invest heavily in biopharmaceuticals with its affiliates, Samsung Biologics and Samsung Bioepis in the field.
The new plan represents a 36 percent increase in investment over its previous blueprint of 330 trillion won ($261 billion) announced in August.
Of the 450 trillion won ($356 billion) Samsung plans to spend over the next five years, it will commit 360 billion won (284 million) to South Korea.