South Korea's biggest conglomerate Samsung announced its major employment and investment plans for the next three years yesterday.
The announcement was made about a month after Vice Chairman Lee Jae-yong met with President Moon Jae-in in India.
Han Sang-yong has more.
Samsung declared that it will invest 180 trillion won and hire 40,000 more workers over the next three years in a move to rebuild its credibility and shore up a slowing economy.
This came two days after Vice Chairman Lee Jae-yong had a meeting with Finance Minister Kim Dong-yeon at a chip factory south of Seoul.
The plan calls for investing 180 trillion won and hiring 40,000 more people over the next three years, indicating that around 130 trillion won in investments will be made at home that could help create 700,000 new jobs in the country.
<Cheong Jae-woong / Samsung Electronics> "Samsung will look for proven programs in order to buttress the economy and establish groundworks for future growth."
The figure translates into around 43 trillion won annually, which is on par with Samsung's record high facility investment of 43 trillion won last year.
Its investment centers on building up capabilities in artificial intelligence, fifth-generation networks, bio and automotive operations, which are the areas seen as Samsung's new growth engines.
Around 25 trillion won will go to the four prospective areas.
The company also announced its plan to tackle the country's youth unemployment and promote mutual growth with subcontractors.
It vowed to lend its support to foster around 500 projects and provide software education programs to 10,000 students over the next five years to share the company's technological know-how.
The business-academic partnership will be increased to around 100 billion won.
Samsung also said it will help 2,500 smaller companies adopt smart factory solutions.
But industry watchers say the latest investment plan can be seen as a step for Vice Chairman Lee to return to management at a time when controversy is surfacing that Samsung made a deal with the government to make massive investments under the condition that Lee makes a comeback.
Han Sang-yong reporting for Yonhap News TV.
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