Samsung plans to spend $206 billion on post-pandemic growth by 2023

As a result of the post-pandemic era, Samsung Group would invest 240 trillion won ($206 billion) over the next three years in biopharmaceuticals, artificial intelligence, semiconductors, and robots. Tuesday, Samsung Electronics announced that it would invest $1 billion over the next five years to improve its global standing in key industries such as chip manufacturing, while also allowing it to explore growth opportunities in new areas such as robotics and next-generation telecommunication technologies, according to the firm.

Samsung Electronics, the world’s top memory chip maker, said it intends to consolidate its technological and market supremacy through mergers and acquisitions. A breakdown of the investment numbers was not provided.

According to reports, the $17 billion it spent on a new U.S. chip contract. chip facility is not included in the latest investment number, which the company declined Compared to Samsung’s last three-year strategy published in 2018, this plan is 30 percent larger. The business opted to invest more in order to maintain technological leadership, especially amid “emergency conditions” at home and abroad.

“The chip industry is the safety plate of the Korean economy… Our aggressive investment is a survival strategy in a sense that once we lose our competitiveness, it is almost impossible to make a comeback,” Samsung Electronics said in a statement.

Chip competitors Taiwan Semiconductor Manufacturing Co Ltd and Intel Corp are investing heavily in the face of a global chip scarcity and rising competition in the advanced chip industry. According to the South Korean Fair Trade Commission, Samsung Group has 59 affiliates with assets totaling 457 trillion won. A little over a week ago, Samsung Group CEO Jay Y. Lee was released from prison after being convicted of bribery and embezzlement.