Samsung outlined plans to boost total investments over the next five years by 36.4 percent, seeking to accelerate long-term growth by beefing up the production of next-generation technologies.
In a statement, Samsung detailed plans to invest KRW450 trillion ($355.8 billion) across segments including chips and biopharmaceuticals from 2022 to 2026, up from KRW330 trillion over the previous five years.
Samsung also plans to hire more than 80,000 employees compared with 40,000 over the past three years.
The chip and consumer electronics giant noted that 80 percent of the planned investment will go toward its domestic market of South Korea.
Local funding is earmarked to increase by 44 percent.
The sum includes KRW240 trillion committed in August 2021.
Samsung noted securing domestic supply chains for chips and other products is vital for the country’s economic development and security.
The company recorded a net profit of KRW11.1 trillion in Q1, up 56.6 percent year-on-year, with a 19 percent rise in revenue mostly driven by a nearly 40 percent increase in semiconductor sales.
