South Korean multinational electronics corporation Samsung is planning to create tens of thousands of new jobs over the next five years.
One of the world’s largest producers of electronic devices on Tuesday outlined a plan to pour more than $350 billion into its businesses CNN business reports.
Considering the effects of the war in Ukraine, which has triggered an uncertain economic environment the South Korean conglomerate said that it would invest 450 trillion won ($356 billion) through 2026, primarily in core businesses such as chipmaking and biopharmaceuticals.
This development follows a 30% jump from what it spent in the previous five-year period, despite the long-running supply chain issues.
However, it was revealed that the bulk of the investment, 360 trillion Korean won ($285 billion) will be invested in South Korea, even though did not specify where the rest of the funding would be allocated.
According to a statement, the group is also embarking on a hiring spree that will create 80,000 new jobs through 2026, “or about 16,000 positions annually.”
This is a bit different from its previous plan which was to generate 40,000 jobs from 2021 to 2023.
Interestingly, most of the jobs are expected to be in South Korea.