Samsung is planning to invest $355 billion on next-gen technology including biopharmaceuticals and semiconductors. The budget will be stretched over the next five years and teh company says that it will generate 80,000 new jobs.
Samsung Plans to Spend $355 Billion Over the Next Five Years
According to the story by ZDNet, the company plans to spend $355 billion up until 2026. This budget will be stretched out for biopharmaceutrcals, semiconductors, and "next-generation technologies."
The $355 billion will result in a 30% spend increase over the next five years and the company says that this investment will help them "drive long-term growth." The amount will be going towards research and capital expenditure spending while the company announces a budget of over $280 billion to be invested in South Korea.
The Company Said Its Investment Would Generate 80,000 New Jobs
Samsung said that countries all around the world are starting to open up to semiconductor and biopharmaceutical industries and recognizing their strategic importance. The company said that its investment would generate 80,000 new jobs over the course of the next five years.
The South Korean giant also highlighted the importance of keeping "the supply chain for these industries in South Korea amid the current climate." The new spending amount is an increase from its previous $190 billion budget that it was supposed to spread throughout the next five years, according to an article by Reuters.
Samsung to Build a $17 Billion New Chip Plant in Texas
The budget was supposed to be stretched across strategic sectors but Samsung decided to update its spending plans. The company also said that it plans to spend $17 billion to build a "new chip plant in Taylor, Texas."
Samsung included semiconductors in its five-year spending plan announcement. As per the company, their investment on memory chips and new materials and chip architecture research will continue.
The Company Plans to Increase Its 3nm Node-Based Chips Production
Logic chips will be a huge point of focus for the investment including certain things like image sensors and application processors. Samsung also plans to continue its works on combine memory and processing functions all into one singular chip.
Samsung also announced its plans to increase the 3nm node-based chips production and should the company grow intoa bigger conglomerate compared to Samsung Electronics, it said that the chip sector was very important.
Read Also: Samsung to Use Recycled Fish Nets as One of the Materials for Upcoming Galaxy Model
Samsung's Plans When It Comes to Biopharmaceuticals
When it came to biopharmaceuticals, Samsung Biologics and Samsung Bioepis, two of its contract manufacturing affiliates, will continue to spend on expansion. The expansion will be directed towards Samsung's overall production capacity as well as the company's biosimilar portfolio.
Samsung also plans to use the $355 billion budget to spend on other sectors as well. These sectors include 5G, 6G, and even artificial intelligence. Back in 2020, Samsung released a white paper called "The Next Hyper-Connected Experience for All" detailing the company's vision for 6G technology.
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This article is owned by Tech Times
Written by Urian B.
