Samsung Group will invest 240 trillion won or $206 billion in the next three years to expand its business in biopharmaceuticals, artificial intelligence (AI), semiconductors and robotics.
The proposed investment through 2023 will help strengthen the group’s global standing in key industries such as chip-making, while allowing it to seek growth opportunities in new areas such as robotics and next-generation telecommunications.
Samsung Electronics, the world’s largest memory chip maker, said the group plans to solidify technology and market leadership through mergers and acquisitions.
Samsung did not say whether the latest investment figure includes the $17 billion it was reportedly spending on a new U.S. chip contract chip factory.
The plan is 30 percent larger than Samsung’s previous three-year strategy floated in 2018, Reuters reported. Samsung group decided to increase investment to retain technological leadership, especially during emergency situations at home and abroad.
Chip rivals including Taiwan Semiconductor Manufacturing (TSMC) and Intel are making investments amid a global chip shortage and intensifying competition in the advanced chip segment.
Samsung Group has 59 affiliates with assets totalling 457 trillion won, according to South Korea’s Fair Trade Commission.