Tuesday, November 19, 2019
Samsung to Invest 10 Trillion Won in Future Growth Engines
Huge Regional Investment
Samsung to Invest 10 Trillion Won in Future Growth Engines
  • By matthew
  • September 2, 2014, 05:53
Share articles

Bird's eye view of Pyeongtaek Godeok New International City, with Godeok Industrial Complex on the right side with the blue roofs.
Bird's eye view of Pyeongtaek Godeok New International City, with Godeok Industrial Complex on the right side with the blue roofs.

 

Samsung Electronics' investment in future growth engines will swing into high gear.

Samsung is going to inject at least 10 trillion won (US$9.8 billion) into the Godeok Industrial Complex from 2015 to 2020. It is also planning to establish hospitals in Gyeonggi Province, moving forward with a plan to raise funds aimed at supporting small and medium-sized enterprises for regional development.

According to sources in the electronics industry and Gyeonggi province on Sept. 1, vice chairman Lee Jae-yong of Samsung Electronics met with Gyeonggi province governor Nam Kyung-pil in Seoul in the middle of August to discuss the company's investment plan and support measures from Gyeonggi Province.

In Dec. 2010 the tech giant, which has Gyeonggi Province-based production facilities in Suwon, Young-in, and Hwaseong, decided to create its own industrial complex within Godeok International New Town in Pyeongtaek City. In addition, the company signed a contract with Gyeonggi Province and Pyeongtaek City to move in the area. Last year, Samsung started to develop about 3.95 million square meters (989 acres) of land, which is now 50 percent completed. The construction is going to be finished by the end of 2015.

Once construction is completed, the firm is planning to invest in production facilities, mainly with future growth engines, by building new plants. Although no specific plan has been made yet, Samsung is expected to invest mainly in future growth industries like batteries for cars or medical devices. The total investment is estimated to be more than 10 trillion won (US$9.8 billion), including costs for the land.