Samsung To Invest $284 Billion To Beat COVID Slump
Samsung Group has announced plans to invest $284 billion AUD by 2023 in order to strengthen its semiconductor sector and to expand its footprint in areas such as AI, biopharmaceuticals, and robotics.
Samsung is already the world’s largest memory chip maker, but as the industry as a whole has dealt with global supply chain issues, component shortages, and the ongoing disruptions from the pandemic, Samsung has chosen to earmark 30 per cent more funding than its previous three-year strategy, first floated in 2018.
“The chip industry is the safety plate of the Korean economy… Our aggressive investment is a survival strategy in a sense that once we lose our competitiveness, it is almost impossible to make a comeback,” Samsung Electronics said in a statement.
Samsung has also sent quite a severe confidentiality agreement to its semiconductor and component partners, asking for stricter security measures, with a financial penalty for breaching the contract.
The agreement requires certain partners to exclude any employees who previously worked for Samsung’s competitors from certain Samsung projects that feature confidential information, and requires its partners to notify Samsung if any employees move to a Samsung competitor.