Samsung to spend $206bn on expanding tech footprint

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Samsung to spend $206bn on expanding tech footprint

By Alexandra Leonards

24/8/2021

Samsung Group has plans to invest 240 trillion won ($205.6 billion) across three years.

The money will be spent expanding its presence in the biopharmaceutical, AI, semiconductor, and robotics industries.

According to a report by Reuters, the South Korean manufacturing giant said on Tuesday that the investment is expected to help bolster the company’s position in the chip sector.

The company hopes that the funding will as also provide more growth opportunities in new areas like robotics and next-generation telecommunications.

The news agency said that while Samsung Electronics did not offer a breakdown of the investment figures, it did reveal that the group plans to “solidify technology and market leadership” via mergers and acquisitions.

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