Samsung Group to Invest $20.6 Billion Including $7.5 Billion for LED Technology Applications
Source/Type:  LIGHTimes Online - News - Staff reports

Author: LIGHTimes News Staff

May 11, 2010... Samsung Group of Seoul Korea says it plans to invest 23.3 trillion won ($20.6 billion) in technologies including solar cells, rechargeable cells for hybrid electric vehicles, LED technologies, biopharmaceuticals and medical devices, a press release stated. Samsung Group's largest individual investment planned is 8.6 trillion won ($7.5 billion) in LED technology applications such as backlit TVs and displays, lighting and car electronics, the release said.

Executives of the Samsung Group's companies announced the plan at a meeting Monday. Samsung indicated that the money would go towards: LED technologies, solar cells, rechargeable cells for hybrid electric vehicles, biopharmaceuticals, and medical devices.Samsung Group expects the expansion to create about 45,000 new jobs and result in an additional 50 trillion won ($44 billion) in annual revenue for affiliate companies through 2020.

"When other global companies hesitate, we must move ahead decisively to take this opportunity, and this will also benefit the country's economy," Lee told Monday's meeting, according to the statement. "Striving to resolve unemployment, we should hire young and highly skilled employees also."

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