Samsung plans to invest $205 bn over 3 years, create 40,000 jobs

Samsung Group has laid out an expansion plan worth $205 billion aimed at creating 40,000 people over the next three years and building the conglomerate’s lead in next-gen technologies. Samsung will provide direct employment to 10,000 people apart from the 30,000 jobs already planned.  

Samsung is the first company to initiate public recruitment in South Korea and has plans to maintain public employment in the future. “The plan is to raise direct employment, provide educational opportunities, and support start-ups to ensure that the innovative capacities of young people can make a greater contribution to businesses and society,” the South Korean conglomerate said in an official release.

Major affiliates like Samsung Electronics and Samsung Biologics look at leading research and spending in areas like telecommunications, robotics, AI and corporate acquisitions. The firm is setting aside $154 billion for investment in Korea.

The spending also includes Samsung Electronics’ long-term goal of investing $151 billion through 2030 to focus on manufacturing semiconductors. Samsung will also continue its ‘Smart Factory Program’ aimed at upgrading the manufacturing abilities of domestic SMEs.

Back home, Samsung has partnered with the National Skill Development Corporation (NSDC) under a CSR initiative. Through its Digital and Offline Skills Training (DOST) initiative, the conglomerate aims to train 50,000 young people using nationwide skills training centres of NSDC as job-ready for the electronics retail sector over the next few years.

Edited by Mehak Agarwal

Also read: Samsung partners NSDC for training 50,000 people for electronics retail sector