Samsung to invest 160.9 billion dollars to revitalize the economy and create new jobs
Samsung to invest 160.9 billion dollars to revitalize the economy and create new jobs
  • Dan Yoo
  • 승인 2018.08.10 09:46
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Samsung announced its unprecedented large-scale investment and recruitment plans on August 8th. The company plans to invest 160.9 billion won over the next three years to attract 700,000 direct and indirect employment inducements. The massive and unprecedented plan came out two days after the Vice-chairman of Samsung Electronics Lee Jae-young met with the Deputy prime minister and minister of economy and finance, Kim Dong-yeon. 

On the same day, Samsung announced expansion of investment and recruitment to stimulate the economy and promote new industries, utilization of software capabilities and experiences to support start-ups, establishing an open innovation ecosystem, and enhancing competitiveness of small and medium businesses.

The investment and recruitment expansion reflected Samsung’s growth strategy and internal demand to preserve leadership in new industries such as AI (Artificial Intelligence), biotechnology, and semiconductor-related electric parts while maintaining a ‘Superlattice’ in current businesses. 

Youth software education, support for start-up companies, and industry-academic cooperation are expected to contribute to the creation of an open innovation ecosystem and create employment opportunities for young people by actively utilizing Samsung’s experience and know-hows. 

Furthermore, the Smart Factory business and partner support programs are expected to provide substantial help to SMEs, as Samsung has expanded the amount and targets of the win-win cooperation program, which has been continuously implemented as part of the win-win cooperation.

In particular, Samsung plans to increase its investment to 160.9 billion dollars over the next three years and invest a total of 116.2 billion dollars (38.44 billion dollars yearly) in South Korea. The Semiconductors sector is expected to expand investment mainly in South Korea’s production bases such as Pyeongtaek in order to increase new demand for AI, 5G, data center, PCs, smartphones, and electric parts.

In the recruitment sector, Samsung plans to hire 40,000 people directly over the next three years to create jobs for the youth.

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