Samsung Leads Pack With R&D After Spending $7bn During Pandemic
We can expect big things from Samsung in 2021 and beyond after the South Korean tech giant was listed number one in research and development investment during the COVID-19 pandemic.
According to an analysis conducted by a corporate tracking company, Samsung spend the most money on R&D out of Korea’s top 500 companies, investing a whopping 15.8 trillion won ($7 billion) during the period of January to September 2020.
This is a total of 9.07% of Samsung’s cumulative sales of 175 trillion won.
Samsung was followed by fellow technology companies such as LG Electronics and LG Display, which invested more than 1 trillion won each.
Korean Game developer Netmarble also spent a significant amount on R&D – more than 20% of its cumulative sales for the period, while fellow game company NCSoft spent more than 15%.
According to the Korea Herald, R&D investment in the IT and electronics industries stood at a combined 24 trillion won, up by 463 billion won year-on-year.