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Samsung plans to invest $20.6 Billion in new products
By siliconindia
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Tuesday, 11 May 2010, 19:04 IST
Seoul: Samsung plans to invest $20.6 billion in developing new products which would include healthcare and green energy technology. To challenge their market rivals like General Electric, Philips Electronics and Sanyo Electric, Samsung has investment plans for energy saving products such as solar cells, rechargeable cells for hybrid electric cars, light emitting diodes (LED), biopharmaceuticals and medical devices, reports Reuters.
Lee Kun Hee,Chairman of Samsung Electronics, who was convicted of tax evasion and later pardoned by South Korea's President said, "Most businesses and products that represent Samsung today would disappear from the market in 10 years and it needed to start again."
"Governments around the world are now investing in green industries to address the issues of depleting energy resources. We must move ahead decisively to take this opportunity," Lee said in a statement.
Samsung Electronics is not only the world's top maker of computer memory chips and LCD screens and second largest handset manufacturer, it also generates around one fifth of South Korea's total exports and the new growth businesses would create 50 trillion in annual revenues for group companies including its flagship firm Samsung Electronics by 2020.
