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Samsung to invest $350 billion, plans to hire 80,000 workers

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Image source: Samsung

The tech giant Samsung laid out its plans to invest $350 billion in business over five years – creating tens of thousands of jobs.

The company has laid out plans to focus more on chipmaking and biopharmaceuticals – two industries that have a high potential for growth and revenue. When compared to the past five-year period, Samsung was able to record a 30% increase in its revenue.

Despite the current economic climate, Samsung announced that it would continue funding its core businesses in order to assure growth and innovation within the company.

The company has announced that they will be putting more of their budget into South Korea, where most production takes place. It’s unclear how much money goes towards other parts or locations.

Samsung has announced plans to hire 80,000 workers over the next four years. They plan on opening 16,000 jobs annually, which will be allocated in all of their facilities, with the bulk of the hiring in South Korea. The tech company also has development centers in the Philippines, US, Canada, and the UK.

Despite being well-known for the electronic devices like smartphones, televisions, appliances and the likes, Samsung has also turned to semiconductor production – pushing their revenues to skyrocket. In their devices alone, Samsung earns billions of dollars every year. Now, with the addition of semiconductors, which are now in demand due to inflation and global shortages, the sky is the limit for the South Korean conglomerate.

Samsung has been making huge investments in the chipmaking field, which is one of their most high potential investments. They say they will focus on the area and put in a budget that would advance the innovations of the department.

In April, Samsung saw a 50% jump in its chip sales. The company earned a total of 77.8 trillion Korean won or roughly $61.3 billion in revenue and 14.1 trillion Korean won ($11.1 billion) in operating profit.

South Korean tech giant Samsung has revealed that they would increase efforts to perfect their newest 6G technology, which is the next level of wireless telecommunication. Current features for smartphones and other telecommunications are still on 5G, but once completed will allow devices made by Samsung to dominate the markets, as it has been striving to do since.

Samsung laid out the plans days after US President Joe Biden visited South Kore in an effort to establish stronger economic and political ties with Asian countries. Matters of economic recovery, COVID response, and the likes were discussed.

Biden said, “So much of the future of the world is going to be written here, in the Indo-Pacific, in the next several decades.” The president hopes to broker ties with as many Asian nations to aid them during crises.

Based in LA, Donna Barts is a senior repoter for Kivo Daily. She primarily covers entrepreneurs.

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