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.
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.