Samsung Group will invest 240 trillion won ($205.64 billion) ($1 = 1,167.0800 won) in the next three years to expand footprint in biopharmaceutical, artificial intelligence, semiconductor and robotics industries in the post-pandemic era, Samsung Electronics said.
South Korea’s top conglomerate said on Tuesday the investments through 2023 are expected to help Samsung strengthen its global standing in key industries such as the chip sector, while seeking more growth opportunities in new fields such as next-generation telecommunications and robotics.
Samsung is considering a location in Williamson County in Texas for the chip contract manufacturing facility that would consist of an investment “in excess of $17 billion dollars” and result in 1,800 new jobs, the document made public on Thursday showed.
Williamson County is home to the Taylor Independent School District, which is considering the tax breaks Samsung has applied for, the documents showed. The school district is considering capping the taxable value of Samsung’s proposed facility at $80 million for 10 years instead of the market value of $4.35 billion estimated as of 2029, according to the document.
Should an investment be made, Samsung plans to break ground by the first quarter of next year with production due to start by end-2024, it showed.
Countries such as the United States have redoubled efforts to secure chip production as a continued global shortage of semiconductor chips hobbles various industries including automobiles.
The investment plan comes more than a week after its leader Jay Y. Lee was released from jail on parole following convictions of bribery and embezzlement.
