Semiconductors and electronics giant Samsung announced a $360-billion spending in the next five years to increase chipmaking and biotechnology. This will boost the company’s investment in technology by 36%, which is meant to help overcome the chip shortage in the supply chain industry.

Samsung said a majority of the investment or $285 billion will be spent in South Korea, which is also hoped to generate 80,000 jobs by 2026. The tech giant initially set a goal of creating 40,000 jobs from 2021 to 2023.

As South Korea’s largest conglomerate, Samsung has an “overall turnover equivalent to a fifth of the national gross domestic product.” The company has R&D centers in Canada, the Philippines, the United Kingdom, and the United States.

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The announcement of new investments was made after US President Biden’s visit to the country.

South Korea is best known for its innovative technology, Samsung recently held a forum focused on the development of 6G as 5G technology is becoming more and more mainstream.

Samsung also explores robotics, sustainable technologies, aside from its best-selling consumer and smart home products.