Samsung plans $21-bn investment in tech push | business | Hindustan Times
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Samsung plans $21-bn investment in tech push

Samsung said on Tuesday it plans to invest 23.3 trillion won (nearly $21 billion) over the next decade in technologies including solar cells and medical devices, aiming to boost sales and increase its work force by tens of thousands.

business Updated: May 11, 2010 23:37 IST

Samsung said on Tuesday it plans to invest 23.3 trillion won (nearly $21 billion) over the next decade in technologies including solar cells and medical devices, aiming to boost sales and increase its work force by tens of thousands.

The plan was agreed at a meeting Monday of top executives of electronics and medical companies in the Samsung Group. Lee Kun-hee, chairman of group flagship Samsung Electronics Co, was among the participants.

Samsung, which consists of dozens of companies in areas spanning electronics to shipbuilding to fashion, said the money would be spent in five areas: solar cells, rechargeable cells for hybrid electric vehicles, LED technologies, biopharmaceuticals and medical devices.

The expansion is expected create about 45,000 jobs and result in an additional 50 trillion won in annual revenue for affiliate companies by 2020, the year through which the investments are slated, Samsung said.

“When other global companies hesitate, we must move ahead decisively to take this opportunity, and this will also benefit the country's economy,” Lee said in Monday’s meeting, according to the statement.