By Byungwook Kim

SEOUL (Reuters). – Samsung Electronics (OTC) announced that the Group will spend 450 trillion won (356 billion USD) over five years in order to increase growth in semiconductors and biopharmaceutical technologies.

South Korea’s most powerful conglomerate, Samsung Corporation, stated on Tuesday that it expects to invest through 2026 to drive long-term economic growth in strategic areas like the chip sector. Additionally, the company pledged to make aggressive investments in its biopharmaceutical business to ensure it is as successful as its chip industry.

Samsung Electronics (the world’s biggest memory chip manufacturer) did not offer a breakdown but said that around 80% will be invested in South Korea. Tuesday’s announcement also included a promise of investing 240 trillion won in August 2021.

Samsung’s announcement did not mention electric vehicle batteries for future growth engines.

On Tuesday, Samsung SDI (the group’s battery unit) and Stellantis (the parent company to Chrysler), will announce the new Indiana battery plant.

($1 = 1,263.7900 won)