Samsung plans to invest $360 billion in chips and biotech over the next five years

Samsung announces plans to invest approximately $360 billion in chips and biotech through 2026. The announced investments would mean a 30 percent increase in Samsung’s spending.

The investments should provide 80,000 jobs, claims the South Korean tech giant. In a statement The tech giant told Bloomberg that approximately $260 billion is being invested in the South Korean branch of Samsung. The remaining 90 billion is intended for investments abroad.

Last year, Samsung announced that it will build a chip factory in the United States. The new factory will be located in Texas and will cost $17 billion. This was Samsung’s largest single investment to date in the US.

Samsung’s announcement comes two weeks after South Korean President Yoon Suk Yeol took office. According to experts, it is common for large South Korean companies to announce investments when a new president takes office. Also car manufacturer Hyundai recently announced investments. The company plans to invest $51 billion in EVs, robotics and aerospace technology.