Samsung to Spend $360 Billion on Chips, Biotech Over 5 Years
- It’s hiking spending by 30% to create jobs, boost technology
- Korea chaebol raise spending as new president takes office
This article is for subscribers only.
The Samsung group plans to raise spending by more than 30% to 450 trillion won (about $360 billion) over the half-decade to 2026 to shore up businesses from chips to drugs, as South Korea’s conglomerates grapple with growing economic and supply shocks.
The corporate giant -- whose units from Samsung Electronics Co. to Samsung Biologics Co. dominate Korea’s economy -- promised in a statement to create 80,000 jobs through 2026, mostly in semiconductors and biopharmaceuticals.