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Samsung says it will Invest 130 Tln in Domestic Operations

#Hot Issues of the Week l 2018-08-12

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ⓒYONHAP News

Finance Minister Kim Dong-yeon called on Samsung to cooperate with the government’s efforts to improve local companies’ corporate structure and their business practices when visiting the company’s Pyeongtaek plant on Monday. 

Kim said that he also asked Samsung to play a leading role in cooperation between the nation’s conglomerates and contractors, small- and mid-sized enterprises and startups as well as in creating future growth engines for the country.

Samsung Vice Chairman Lee Jae-yong in turn asked the government to ease regulations on the biotechnology industry.

Later in the week, Samsung announced a plan to invest a total of 180 trillion won both at home and abroad as well as hire 40-thousand more employees over the next three years.

The firm said on Wednesday it will inject 130 trillion won in its domestic operations, particularly in its key production bases in a bid to be prepared for a surge in demand for artificial intelligence(AI) and fifth generation(5G) network services. It will invest roughly 25 trillion won into projects related to AI, 5G and biotechnology to raise its competitiveness in the Fourth Industrial Revolution.

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