Image source: Samsung
The South Korean tech giant Samsung has announced that it will be funneling over $350 billion into its business in the next five years, creating tens and thousands of jobs for applicants.
Samsung is investing more than ever before to help diversify its operations. Compared to the previous five-year revenue, this year saw a 30% increase. The company expressed plans to focus primarily on chipmaking and biopharmaceuticals.
Despite the current state of the economy, Samsung said it will still pour a considerable amount of funding into its core businesses to assure growth and innovation within the company.
It was recently reported that the company plans on investing most of its budget into South Korean facilities, but they have not specified where the other parts will be directed to.
As part of the company’s plans to grow its production capacity, Samsung is looking to hire 80,000 skilled workers from 2022 to 2026. The bulk of the hiring will be in South Korea, but jobs will be made available in other facilities as well – the United States, UK, Canada, and the Philippines.
The Samsung conglomerate is well-known for its electronic devices, with sales amounting to billions of dollars every year. However, the company does not only supply the world with smartphones, televisions and other similar products; they have started providing semiconductors amid a global shortage caused by inflation and conflict between Russia and Ukraine.
Samsung has been investing an ample of its budget into chipmaking, which is one reason why its revenue has grown in the past years. A fraction of its proposed budget will be poured into chipmaking, according to the company.
In April of this year, Samsung saw a 50% jump in its chip sales. The company earned a total of 77.8 trillion Korean won or roughly $61.3 billion in revenue and 14.1 trillion Korean won ($11.1 billion) in operating profit.
In a move to stay ahead in the telecommunication industry, Samsung has announced that it will be increasing efforts for 6G technology. The current features on smartphones and other telecommunications are still using 5G wireless network. Once perfected, Samsung will set a new bar for rival companies.
Samsung’s announcement came days after U.S. President Joe Biden visited the country during his trip to Asian countries and discussed matters of economic recovery, partnerships with other nations as well as diplomacy issues.
In a statement, Biden said, “So much of the future of the world is going to be written here, in the Indo-Pacific, in the next several decades.” The U.S. president hopes that he can establish stronger ties with Asian countries.