Samsung Plans $206 Billion Investments by 2023 for Post-Pandemic Growth

Over the next three years, Samsung plans to invest 240 trillion won ($206 billion). The investment will be carried out in biopharmaceuticals, AI, semiconductors and robotics segments of the group's business.

The investment through 2023 will help strengthen the group's global standing in key industries, while allowing it to seek growth opportunities in new areas such as robotics and next-generation telecommunications, Samsung said in a statement. The group also plans to solidify technology and market leadership through mergers and acquisitions. The firm did not say whether the latest investment figure includes the $17 billion it was reportedly spending on a new U.S. chip contract chip factory.

The new investment plan is 30% larger than Samsung's previous three-year strategy announced in 2018. The group decided to increase investment to retain technological leadership, especially during emergency situations. "The chip industry is the safety plate of the Korean economy. Our aggressive investment is a survival strategy in a sense that once we lose our competitiveness, it is almost impossible to make a comeback," Samsung said in a statement.