Samsung to invest $356 bln over five years

STORY: Samsung Group is to invest $356 billion in new technologies over five years.

South Korea’s top conglomerate said Tuesday (May 24) that the spending would drive long-term growth in strategic sectors including chips.

It will also invest heavily in biopharmaceuticals, with a view to making it as successful as its chip division.

The total investments are 30% up on the five years to 2021.

Four-fifths of the money will be spent in Samsung’s home country.

No full breakdown of the investment was given, but it’s expected to create just over one million jobs.

Samsung said the plan would have a major impact on South Korea’s economic security.

There was no mention of electric vehicle batteries as a future growth engine.

However, Samsung and carmaker Stellantis are due to announce a big new battery plant in the U.S. state of Indiana on Tuesday.