South Korean tech giant Samsung Electronics has announced hundreds of billions of dollars of new investment over the next five years in areas that promise strong future growth.
Samsung said Tuesday that it's going to invest 450 trillion won, which is more than 350 billion U.S. dollars, in profitable industries including semiconductors and bio science.
This new five-year investment plan is an increase of 40 percent from the last one.
It said roughly 80 percent of the money will be spent in Korea on R&D and new facilities.
The firm said that if Samsung's foundry business were to become the world's number one player, it would have an economic effect on the scale of creating a conglomerate even bigger than Samsung Electronics.
Samsung electronics currently ranks second in the foundry business after Taiwan's TSMC.
Also, the company added it plans to hire 80-thousand new employees, and sees the investment leading to the creation of more than a million jobs more broadly.
Samsung also plans to make new investments overseas.
Samsung became the first international company to make semiconductors in the United States. We highly value our friendship and look forward to continuing our special relationship."
Meanwhile, South Korea's Hyundai Motor Group also said by 2025, it will invest nearly 50 billion dollars, to create a domestic hub for its next-generation businesses.
The auto giant plans to spend some 13 billion dollars to secure a global competitive edge in electric and eco-friendly cars.
Also, for the development of robotics, urban air mobility and artificial intelligence, the company has allocated roughly 7 billion dollars.
An expert says the government should ease regulations for the investments to come to fruition.
"There have been a lot of regulations and restrictions that's going to be hampering investment in Korea. So, in order for that investment plan to be come into fruition, I think the government has to take a lot of dramatic measures in deregulations and innovative reformation in government policy."
Eum Ji-young, Arirang News.