Samsung said on May 11 that it plans to invest $20 billion in healthcare and green energy until 2020 in a move it says could provide thousands of new jobs.
Company chairman Lee Kun-Hee said the move came as world governments were shifting billions of dollars into more sustainable energy as concerns grow over the planets depleting resources.
Group flagship Samsung Electronics is the world's largest maker of memory chips and flat screen televisions and the second largest mobile phone manufacturer. But Lee Kun-Hee stressed the need to innovate when he returned as company chairman in March, almost two years after stepping down following a probe into his business dealings.
Among the investment will be solar cells, rechargeable cells for hybrid electric vehicles, light emitting diode (LED) technologies, biopharmaceuticals and medical devices as its new growth areas.
The company said key investments include 6 trillion won to develop and manufacture solar cells; 5.4 trillion won in rechargeable cells for hybrid electric vehicles; 8.6 trillion won in LED technology for uses including backlit displays, lighting and car electronics; 2.1 trillion in biopharmaceuticals; and 1.2 trillion to develop and make electronic healthcare equipment.
The company said the new businesses are expected to create around 45,000 jobs and generate 50 trillion won in annual revenue for affiliate companies by 2020.
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