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.

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