Samsung Electronics on Friday held a groundbreaking ceremony for its new semiconductor research and development (R&D) complex, in a bid to cement its global leadership in advanced chip technology.
The South Korean tech giant plans to invest about $15.06 billion by 2028 for the 109,000 square meter complex at its Giheung campus in Yongin, 50 km south of Seoul.
The planned facility should help Samsung lead in the areas of advanced research for memory and system semiconductors.
The ceremony drew around 100 Samsung executives and employees, including Vice Chairman Lee Jae-yong, who received a presidential pardon last week for his bribery conviction involving ousted former chairman Park Geun-hye, reports the Yonhap news agency.
This marked Lee’s first public appearance after his pardon.
“We are starting a new challenge at the Giheung Campus, where the first shovel to build a semiconductor factory took place 40 years ago,” Lee said. “Let’s continue the tradition of technology-driven front-end investments. Let’s create the future with technology that currently doesn’t exist in the world,” he added.
Industry watchers see Lee’s visit to campus as a sign that the Samsung heir is determined to help the country tackle recent economic issues by advancing the country’s semiconductor prowess. .
Following his pardon, Lee said last week that he would work harder to live up to his responsibility as a businessman and “help the economy by creating more jobs for young people”.
Samsung said it plans to strengthen cooperation with domestic and overseas partners in materials, parts and equipment through the construction of the R&D complex.
–IANS
n / A/
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear reader,
Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.
digital editor