Samsung, the South Korean conglomerate announced a five-year plan that will invest more than $350 Billion in its businesses and create tens to thousands of jobs.
This announcement is made just days after Joe Biden, the US Vice President of America, visited a Samsung semiconductor factory as part his 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 most of the $285billion 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.
In recent years, as manufacturers around the globe face shortages, the company has been focusing more on its role in the semiconductor industry.
Samsung will continue to invest in memory chips, which have been a key revenue source for them, and there is more investment, the company stated.
The company plans to accelerate development of 6G, which is the next generation in wireless technology.