Samsung To Create 80,000 New Jobs, Plans $356 Billion Investment

Samsung Electronics has announced a big funding investment as it seeks to grow both its workforce and its global business operations.

The tech giant announced its plan to invest 450 trillion won ($356 billion) through 2026 in its business, as well as create 80,000 new jobs, CNN reported.

Samsung of course is one of the biggest chip makers in the world, but it also feeling the impact from the economic uncertainty caused by rising inflation, Russia’s war in Ukraine, chip shortages and supply chain bottlenecks caused by the Coronavirus pandemic.

Mammoth funding

Indeed, last year Samsung  warned twice about chip shortages, saying there was an “serious imbalance” in the semiconductor industry.

Then in November 2021 it confirmed that it would build a new $17bn (£12.7bn) semiconductor manufacturing factory in Taylor, Texas, after considering four US locations.

Samsung is the world’s biggest memory chipmaker and second-largest contract chip manufacturer, and the new facility will produce “advanced logic devices” for Samsung’s chip contract manufacturing business.

And now according to CNN, Samsung, will, as part of its plan to invest more than $350 billion into its businesses, primarily pour that huge funding into core businesses such as chipmaking and biopharmaceuticals.

This £356 billion investment is a 30 percent jump from what it spent in the previous five-year period, CNN reported.

But it seems that the the bulk of the investment, namely 360 trillion Korean won ($285 billion), will be invested in South Korea. It reportedly did not indicate where the rest of the funding would be allocated.

Thousands of jobs

Samsung also revealed it will embark on a hiring spree, that will see the creation of 80,000 new jobs through 2026, “or about 16,000 positions annually,” it was quoted by CNN as saying in a statement.

Previously, its goal was to generate 40,000 jobs from 2021 to 2023.

Again, most of the jobs are expected to be located in South Korea.

However the tech giant also has research and development centres around the globe, including the United Kingdom, United States, Canada, and the Philippines.

Samsung also reportedly indicated that it will continue to focus on making memory chips, with further investment planned.

On the consumer side, the company also reportedly plans to beef up its development of 6G technology.