Now keen attention is being paid to whether the mega investment plans could soothe the sour relationship between Samsung and the government since the liberal president whose key campaign pledges include chaebol reforms took office in May past year.
The investments announced Wednesday are part of a larger plan to spend 180 trillion won ($160 billion) over the next three years on capital expenditures and research and development. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.
The 130 trillion won investment in the nation is expected to have an effect of creating 700-thousand jobs.
Samsung said the announcement followed months of deliberations and review by the management and the board of directors of different Samsung companies, including Samsung Electronics.
With KRW130 trillion ($116 billion) of that figure to be spent in South Korea, Samsung plans to create another 40,000 jobs in the next three years - 20,000 more than under previous recruitment plans. Those areas are seen as Samsung's new growth engines.
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"Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies", stated the Samsung investment announcement.
To expand its AI capability, Samsung will be increasing the number of researchers to 1000 across its global AI centres in the UK, Canada, Russia, US and South Korea. A new KRW110 billion ($98.2 million) fund, to be set up with the South Korea government, will provide funding for as many as 2,500 small and midsized enterprises for the next five years. It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases, the company said.
The company has been hit by a series of scandals in recent years. That news sent shares in contract drugmaker Samsung BioLogics up some 5%.
Samsung Electronics stocks traded flat.
South Korean voters tired of scandals and critical of big businesses like Samsung elected President Moon to replace Park after she was ousted.