Vice Chairman of Samsung Electronics, Lee Jae-Yong has announced Samsung’s large-scale investment plan over the next three years. Samsung to Invest 180 trillion won, the vice president kept a low profile for a long time but on August 8 he came up with better future plans and announced future growth strategy and investment.
“We have decided to expand and make new investments and recruitment to vitalize the Korean economy and establish new industries, and to do that we are ready to invest 180 trillion won, ($161.09 billion) and hire around 40,000 people directly over the next three years,” said Samsung official in a statement.
Samsung’s investment plan includes 130 trillion won set aside for domestic investment along with 25 trillion won into 4 future growth sectors including artificial intelligence (AI), 5th generation mobile telecommunications, electronic parts and bio-business, a Business Korea reported.
The decision came out after Vice Chairman Lee had a meeting with Korean deputy prime minister and minister of economy and finance, Kim Dong-Yeon. The Korean giant has announced the investment which is one of its kinds in the entire corporate history of South Korea.
President Moon said to Lee at the meeting, “We hope that Samsung will invest more in the Korean economy and create more jobs for Korean people.” Samsung soon after that chalked out an investment and hiring plan.
Some analysts say Lee’s investment plan is also an effort to restore public trust which Samsung had lost over a big political scandal during the Park Geun-Hye presidency. In that case, Lee was arrested for bribing former president and his officials.
Some analysts say Lee will continue to maintain a low profile as he is still waiting for final Supreme Court ruling on him.