Samsung Group announced Tuesday that it will invest 240 trillion won ($206 billion) in three strategic businesses ― semiconductors, biopharmaceuticals and artificial intelligence ― over the next three years. It also unveiled a plan to hire 40,000 people to help address the nation’s unemployment problem.
The nation’s largest conglomerate said the plan is designed to proactively tackle the rapid changes in industrial sectors and our society in the post-pandemic era. “With such bold investment in the strategic and innovative businesses, we will seek to employ young people and help small- and medium-sized companies, thus fulfilling our duty as a responsible enterprise,” Samsung said in a statement.
Samsung’s large-scale investment and employment plans deserve acclaim as it will be a shot in the arm for the entire economy. Samsung said 180 trillion won of the sum will be used for domestic investment. Its investment plan is expected to sharpen its international competitiveness and contribute to the Korean economy. It will also offer business opportunities for many subcontractors.
The group expects its plan to hire 40,000 workers will bring about the creation of 560,000 additional jobs. We hope Samsung’s move will prompt other conglomerates to follow suit to offer more job opportunities for those hit hard by the unprecedented COVID-19 pandemic.
It is also worth noting that Samsung has stressed the need to fulfill its social responsibility. “We will continue to play a leading role in realigning a future industrial paradigm and help the nation get over lingering difficulties through investment and employment as a responsible enterprise,” it said.
Samsung’s bold investment and employment plan came after its de facto head Lee Jae-yong was released on parole Aug. 13, after serving 18 months of his 30-month prison term for offering bribes to former President Park Geun-hye and her confidant Choi Soon-sil.
Well wary of the money-for-business favors case, Lee said upon his release, “I know well both the (public’s) anxiety and expectations.” His parole, however, is not the end to Lee’s legal battle as he is still standing trial over an allegedly illegal merger between the group’s two affiliates ― Samsung C&T and Cheil Industries ― apparently aimed at helping him take the managerial control of the conglomerate.
His parole, however, has raised criticism that the law enforcement authorities gave him special privileges by disregarding the principle that everyone is equal before the law. Lee and Samsung Group should accept such criticism humbly and make more efforts to improve corporate transparency and accountability that can match the group’s status as a global IT giant.
The Moon Jae-in administration, for its part, also needs to take measures so that domestic enterprises can fare well in the ever-intensifying global competition. It should focus on overhauling the current regulations that hinder business activities and investment.
The pandemic shows no signs of abating, and the global race for promising future industries is intensifying. Given these factors, we hope Samsung will strive to inject fresh air into local industries and help revitalize the economy.
Massive investment plan
Source: Buhay Kapa PH
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