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Samsung to spend $360 billion on microchips, biotech over five years

Samsung promised in a statement to create 80,000 jobs through 2026, mostly in semiconductors and biopharmaceuticals.

Photo: Bloomberg
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Photo: Bloomberg

Shinhye Kang | Bloomberg
The Samsung group plans to raise spending by more than 30 per cent to 450 trillion won (about $360 billion) over the half-decade to 2026 to shore up businesses from chips to drugs as South Korea’s conglomerates grapple with growing economic and supply shocks.

The conglomerate -- whose units from Samsung Electronics Co to Samsung Biologics Co dominate Korea’s economy -- promised in a statement to create 80,000 jobs through 2026, mostly in semiconductors and biopharmaceuticals.

Samsung, run by the scion of one of Korea’s oldest and wealthiest families, is one of a handful of so-called chaebol that are outlining

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First Published: May 24 2022 | 11:40 AM IST

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