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Samsung Electronics Invests US$1.1 Billion in US to Seek New Growth Engines
Samsung Electronics Invests US$1.1 Billion in US to Seek New Growth Engines
  • By matthew
  • February 6, 2013, 16:18
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Samsung Electronics expands its strategic alliance with American companies through an M&A and R&D investment of at least one trillion won for several years down the road.

President Sohn Young-kwon, who is heading Samsung’s Strategic Innovation Center, said at the press conference held on February 4 (local time) in Menlo Park, Silicon Valley that the company would set up venture investment and global investment promotion funds worth US$1.1 billion combined within years.

“We’re expecting that there will be a seismic change and lots of opportunities in the IT industry for the upcoming five years with new trends like big data and cloud computing coming up,” he remarked, adding, “Samsung will play a central role in the evolution.” He continued, “The era of post-PC is on the horizon to make possible anything people imagine and Samsung will strive to continue its leadership in such a rapid change.”

He also said that the number of connected devices would reach approximately 120 billion around the world by 2020 and his company would take the role of linking all of the connected devices by means of its advanced cloud computing systems and mobile technologies.

The Strategic Innovation Center established in Silicon Valley at this time is expected to lead the initiative to contribute to Samsung Electronics’ ambitious goal of doubling its sales to 400 trillion won by 2020. The 6,600m2-wide Strategic Innovation Center has recently been set up in Sand Hill Road, Menlo Park in the vicinity of Stanford University. President Sohn was scouted in August last year.