Samsung is set to invest 240 trillion won ($206bn) by the end of 2023 in an effort to expand its biopharmaceuticals, AI, semiconductors and robotics offerings in the post-pandemic era.
The South Korean tech giant said the investment will help strengthen its global standing in key industries such as chipmaking while allowing it to seek growth opportunities in new areas such as robotics and next-generation telecoms.
Samsung, which is the world’s largest memory chip maker, said it planned to bolster its presence in these markets through mergers and acquisitions, but did not provide a breakdown of its spending plans.
It also did not say whether the figure includes the $17bn it is reportedly spending on a new US chip factory.
The investment plan is almost a third larger than the previous three-year strategy set out in 2018.
The group said it decided to ramp up spending to retain its market-leading position, especially during “emergency situations” at home and abroad.
“The chip industry is the safety plate of the Korean economy… Our aggressive investment is a survival strategy in a sense that once we lose our competitiveness, it is almost impossible to make a comeback,” Samsung said in a statement.
Chip rivals such as TSMC and Intel are also increasing spend amid a global semiconductor shortage and increasing competition among manufacturers as new technology fuels demand.
The latest three-year plan comes just over a week after Samsung’s billionaire heir Jay Y. Lee was released from prison on bail following convictions for bribery and embezzlement.