Samsung heir stays committed to investment plans

Samsung Electronics Vice Chairman Lee Jae-yong confirmed on June 1 that Samsung remains committed to the trillions won worth of investment it previously announced.

“What drove Samsung’s relentless innovation over the past half century was our commitment to invest in the future even during the toughest of times,” Lee told executives at a meeting on June 1 to check the global market conditions held at the Hwaseong manufacturing center in Gyeonggi Province.

Attendees included Samsung Electronics Vice Chairman Kim Ki-nam and CEOs Jin Kyo-young, Gang In-yeop and Jung Eun-sung, along with Samsung Display CEO Lee Dong-hoon.

The Samsung heir confirmed that Samsung will stand by its latest mid-to-long term investment, and also plans for employment.

“Last year, we said we would invest 180 trillion won ($151.28 billion) over a period of three years, and that we would add 40,000 more people to our workforce,” said Lee. “We will continue to stay on this path to offer high-quality jobs and to contribute to economic revitalization.”

Lee also reiterated Samsung’s ambitions to become the world’s No.1 in the system semiconductor sector – called the engine of the fourth industrial revolution – by 2030. “We must keep on track to invest the 133 trillion won as planned,” he told his staff.

He called on the executives to focus on attaining long-term, core technological competitiveness, instead of looking toward short-term rewards and opportunities.”

Vice Chairman Kim Ki-nam later told the press that the purpose of the meeting was to discuss how to cope with the latest global market conditions, while at the same time making sure to implement the investment plans that have already been committed.