Samsung plans to boost its spending by 30 percent (up to 360 billion) over the next five years to expand its chip and medicine businesses. The announcement is amid South Korea’s rising supply and economic turbulence between companies.
The company’s Samsung Electronics as well as Samsung Biologics units currently dominate the economy of South Korea. Samsung has announced to generate more than 80,000 jobs throughout 2026 with its biopharmaceutical and semiconductor businesses.
Samsung is owned by family members of South Korea’s longest-running and most wealthy families. They are currently laying out strategies for investment in the firm when the new president of South Korea is elected.
President Yoon Suk Yeol is an active advocate of conglomerates and sees them as a major factor in his growth strategies. He started his five-year presidency at the helm of South Korea on May 10.
Park Ju-gun, director of Leaders Index, a Seoul-based research institute, commented on the change, declaring
It’s an old-fashioned method for Korean firms to pitch the president who is newly elected. Investors should verify if the promises of investment are realized or not.
Samsung as well as other notable multinationals in this country will share the responsibility of addressing the rising prices and disruptions to supply chains in the context of the pandemic as well as the conflict between Ukraine and Russia.