Samsung Electronics announced to pump 133 Korean Trillion, equivalent to $116 billion, till 2030 to ramp up its chip business. The investment until 2030, worth 133 trillion won in total, comes as the world's top memory chip maker strengthens non-memory semiconductor businesses such as contract chip manufacturing, known as foundry, and mobile processors.
At present, Samsung is the world's largest memory chip maker. And such an investment plan is expected to help the company to reach its aim of becoming the global leader in not only memory semiconductors but also logic chips by 2030. Hence the company aims to create 15,000 jobs in R&D to bolster its technological prowess.
The firm's heir Jay Y. Lee has been under immense pressure from the government to help and create more jobs, as Asia's fourth-largest economy is battling against the rising numbers for jobless college graduates partly due to slow economic growth.
The investment plan is expected to help the company to reach its aim of becoming the global leader in not only memory semiconductors but also logic chips by 2030 – Samsung Newsroom
Samsung had unveiled its investment plans just after it suffered a setback in its smartphone business. The company had to postpone the April 26 launch which it touted as the Galaxy Fold after problems emerged with early test versions of the device. Samsung’s first-ever foldable smartphone was supposed to usher in a new era for mobile and revitalize growth in the sector.