Samsung Electronics has announced a long-term plan to invest 23.3 trillion won ($20.5b) on green and healthcare businesses over the next ten years.

 

The Korean manufacturer has outlined investment plans in five new areas - solar cells, rechargeable cells for electric vehicles, Light Emitting Diode (LED) technologies, biopharmaceuticals and medical devices. 

 

It says the five new growth businesses will create around 45,000 jobs and generate 50 trillion won in annual revenue for affiliate companies by 2020.

The biggest focus will be LED, where the company plans to spend 8.6 trillion won on backlit displays, lighting, and car electronics, aiming to generate 17.8 trillion won in annual sales and employ 17,000 staff by 2020.

It will tip 6 trillion won into the solar cells business, with an initial focus on crystalline silicon technology and later on thin film. The business is expected to generate 10 trillion won in annual revenue and employ 10,000 workers by 2020.

Another 5.4 trillion won will be invested in rechargeable cells for hybrid EVs, 2.1 trillion won to be invested in biopharmaceuticals to explore opportunities in the expiration of long-held industry patents. - 1.2 trillion won in development and manufacture of electronic healthcare equipment with an initial focus on external diagnostics tools such as blood testing devices.

 

Collaboration between Samsung Medical Center and related business units expected to generate 1.8 trillion won in annual revenue and employ 710 people by 2020.

Said Samsung Electronics chairman Kun-Hee Lee: “When other global companies hesitate, we must move ahead decisively to take this opportunity, and this will also benefit the country’s economy,”