80% of Samsung’s $205 billion investment to go into chips, company says

Seoul: Samsung Group said that its mainstay Samsung Electronics and other affiliates plan to invest a combined 240 trillion won ($205 billion) over the next three years in a move to secure future growth engines and expand technology leadership in the post Covid-19 era.

With 180 trillion won, or 75 percent of the amount, allocated to South Korea, the conglomerate also vowed to directly hire 40,000 more employees through 2023.

Samsung’s latest investment plan is 60 trillion won larger than its previous three-year investment pledge in 2018, reports Yonhap news agency.

Samsung’s announcement came 11 days after Lee Jae-yong, the de-facto head of South Korea’s largest conglomerate, was paroled.