Seoul, South Korea—Samsung plans to invest $20.6 billion in the next 10 years in new businesses in the environmental and healthcare industries. Five major new areas of investment include solar cells, rechargeable cells for hybrid electric vehicles, Light Emitting Diode (LED) technologies, biopharmaceuticals and medical devices.
Samsung announced that these five growth businesses are expected to create around 45,000 jobs and generate 50 trillion won in annual revenue for affiliate companies by 2020. The investment plan was agreed on during a Samsung Council of Presidents’ meeting on May 10, which was attended by Samsung Electronics’ chairman, Kun-Hee Lee, and heads of related affiliates and business units.
Key investments outlined during the meeting included:
—6 trillion won in development and manufacture of solar cells, initial focusing on crystalline silicon technology and later on thin film, which is expected to generate 10 trillion won in annual revenue and employ 10,000 workers by 2020.
—5.4 trillion won to be invested in rechargeable cells for hybrid electric vehicles, expected to generate 10.2 trillion won in annual revenue and employ 7,600 by 2020.
—8.6 trillion won investment in LED technology for applications like backlit displays, lighting and car electronics. Samsung LED expects to create 17.8 trillion won in annual revenues and employ 17,000 staff by 2020.
“Governments around the world are now investing in green industries to address the issues of depleting energy resources and the protection of our planet’s environment, which present pressing challenges to the global community,” Kun-Hee Lee told participants at the meeting.
Lee also encouraged attending executives to remember the fundamental responsibilities of Samsung as a corporate enterprise, saying: “The mission of any business is to contribute to people’s health and quality of life. When other global companies hesitate, we must move ahead decisively to take this opportunity, and this will also benefit the country’s economy. Striving to resolve unemployment, we should hire young and highly skilled employees also.” samsung.com