SAMSUNG

Brand invests close to 140 billion euros to increase production capacity

Samsung's CEO Moon Jae-in has announced that the company will make a giant investment in innovation that will create a foundation for increased technology production. The amount invested will be $ 161 billion to boost capacity toproduce memory chips and other core products for South Korea to grow in the future and counteract the slowdown in the economy.The investment for the next three years will give a boost to the research and development of artificial intelligence, wireless 5G networks, the bio-pharmaceutical area, screens, semiconductors and other vital areas of the company, according to Bloomberg.According to Samsung, about three-quarters of the total amount invested will be directed to the South Korean facilities of the technology giant. The announcement was made days after a meeting between representatives of the company and Finance Minister Kim Dong-yeon at a processors factory in Seoul, which may be a sign of government support to counter the slowdown in the economy.The investment, according to Moon Jae-in, will allow Samsung to hire an additional 40,000 workers, but in all, the investment will help create 700,000 new jobs in the country.



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