Image source: Samsung
The tech giant Samsung has announced that it will be pouring over $350 billion into its business in the next five years — creating tens and thousands of jobs for applicants.
Samsung has seen a 30% jump in its revenue when compared to its income in the past five-year period. This prompted the South Korean conglomerate to focus on high potential investments like chipmaking and biopharmaceuticals.
Despite the current state of economic affairs, Samsung announced that it would pour billions of dollars into its core businesses to assure continued growth and innovation within this company.
The company announced that they would be investing a big fraction of their budget in their South Korean facilities, although it’s not clear where the other part of the budget goes.
Meanwhile, Samsung is looking to make 80,000 jobs available through 2026. They plan on hiring 16,000 people per year, and most of it will be opened in South Korea. Job hiring will also be made available in other Samsung facilities in the United States, Canada, the UK, and the Philippines.
The South Korean company has been on a roll for years now, supplying the world with their electronic devices like smartphones and televisions – raking in billions of dollars every year. But it seems like there’s no end in sight as the company continues to expand into other areas like supplying semiconductors, which currently experience global shortages due to inflation and conflict between Russia and Ukraine.
Meanwhile, Samsung is also focusing on its chipmaking field. They say that this will be a crucial investment for them, and they plan on putting some of the funds into it.
In April, Samsung saw a 50% increase in its chip sales. The company earned a total of 77.8 trillion Korean won or roughly $61.3 billion in revenue and 14.1 trillion Korean won ($11.1 billion) in operating profit.
The South Korean tech giant Samsung has revealed that they will be increasing their efforts to perfect the next generation of wireless telecommunication technology, 6G. This is a significant development as it guarantees consumers access to even faster data speeds than before and advances modern society even further with new top-of-the-line smartphones and other telecommunications devices.
The announcement from Samsung followed the visit of US President Joe Biden to the country as part of his trip to Asian countries, where he discussed matters of economic recovery, COVID response, and other pertinent diplomatic issues that concern the country and America.
Biden emphasized the importance of Asian countries in the future stability of the world; he said, “So much of the future of the world is going to be written here, in the Indo-Pacific, in the next several decades.”