Samsung to Spend $360 Billion on Microchips & Biotech over 5 years

The Samsung group plans to raise spending by more than 30% to 450 trillion won (about $360 billion) over the half-decade to 2026 to open opportunities in businesses from chips to drugs.

Samsung also promised in a statement to generate 80,000 jobs through 2026 in the field of semiconductors and biopharmaceuticals.

The group is focusing particular attention to Samsung Electronics, the crown jewel of a multibillion-dollar sprawling empire that spans shipbuilding, technology, health care and finance. The world’s largest maker of smartphones, displays, memory chips and consumer appliances unveiled plans last year to invest $151 billion through 2030 to delve deeper into advanced chipmaking. Much of that will go toward its semiconductor division, which is expanding rapidly in an effort to compete with Intel Corp. and Taiwan Semiconductor Manufacturing Co. in making chips for global names such as Nvidia Corp. and Qualcomm Inc, Reuters reported.

©Photo: Reuters