Samsung Group, one of the world’s largest companies, has unveiled a new expansion plan under which the South Korean tech giant is planning to spend around 240 trillion won, which is around $205 billion.
As a part of the plan, Samsung will be hiring about 40,000 people over the next three years as the company advances towards next-generation technologies. Its subsidiaries will be spending money on Research & Development as well as corporate acquisitions.
The company has revealed that it is setting aside 180 trillion won for its home country South Korea and aims to hire another 10,000 people over the period. It’s noteworthy that this new expansion plan includes expenditures previously outlines by Samsung.
The South Korean giant has planned to invest around $151 billion through 2030 to delve deeper into advanced chipmaking. The company is also expected to proceed aggressively as Lee Jae-yong has now been released from the prison on parole after being sentenced to jail earlier this year for bribery.
Samsung is now expected to have further development related to its semiconductor plant in the United States for which the company is spending about $17 billion. It is among the leading chipset maker in the world, competing against Taiwan Semiconductor Manufacturing Co. (TSMC) after the withdrawal of Huawei from the market. It plans to go ahead with the long-term vision in terms of technology rather than the short-term goals.
Along with that, the South Korean giant is also looking to expand its biopharmaceutical business through its subsidiaries Samsung Biologics and Samsung Bioepisit. The group will build two new factories in addition to the three currently in operation with the aim of starting vaccine production.
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