Samsung, the South Korean conglomerate, has announced a five-year plan to invest more than $350 billion in its businesses and create tens of thousands of new jobs.
The announcement comes only days after US Vice President Joe Biden paid a visit to a Samsung semiconductor plant as part of a trip to Asia.
Samsung’s electronics segment, which includes popular smartphones and televisions, is the company’s most well-known product.
South Korea will receive the majority of the $285 billion investment.
The company is also planning a hiring drive that would result in the creation of 80,000 new jobs by 2026, “or around 16,000 positions yearly,” according to a statement.
As manufacturers throughout the world face shortages, the business has leaned more heavily on its role as a semiconductor provider in recent years.
Memory chips, which have proven to be a key revenue generator for Samsung, will continue to be a focus area for the company, with additional investment anticipated, according to the company.
The company intends to accelerate the development of 6G, the next generation of wireless technology.
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