Samsung Group will invest ₩240-trillion (R3.1-trillion) in the next three years to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic era, Samsung Electronics said.

South Korea’s top conglomerate said on Tuesday the investments through to 2023 are expected to help Samsung strengthen its global standing in key industries such as the chip sector, while seeking more growth opportunities in new fields such as next-generation telecommunications and robotics.

Samsung Electronics, the world’s largest memory chip maker, did not provide a breakdown of the figures, though it added that the group plans to solidify technology and market leadership through mergers and acquisitions.

Samsung also did not provide any details on its reported investment of US$17-billion (R256-billion) for a chip factory in the US. According to a document filed with Texas state officials, the company is considering a location in Williamson County for the chip contract manufacturing facility that would result in 1 800 new jobs.

The investment plan comes more than a week after its leader Jay Y Lee was released from jail on parole following convictions of bribery and embezzlement. — Reported by Heekyong Yang, (c) 2021 Reuters