Samsung Unveils $161 Billion Investment Plan in a Boost for Moon
- Investment to create jobs and boost areas from AI to chips
- Announcement made after Jay Y. Lee meets with finance minister
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Samsung, South Korea’s biggest conglomerate, plans to invest 180 trillion won ($161 billion) to ramp up its ability to produce memory chips and other products vital to future growth, lending its support to President Moon Jae-in’s efforts to shore up a slowing economy.
The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key programs over the next three years, according to Samsung Electronics Co., the group’s crown jewel. Almost three-quarters of that investment will be made at home, it said in a statement.