Samsung to invest $206 billion by 2023

Samsung announced on Tuesday it was investing $206 billion dollars over the next three years to bounce out of the global health crisis.

The money will go towards expanding the company's footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics.

Samsung is South Korea's biggest conglomerate and is the world's largest memory chip maker.

The company wants to maintain that global dominance through mergers and acquisitions, whilst also pursuing other avenues of growth.

The plan is 30% larger than Samsung's previous three-year strategy floated in 2018.

In a statement, the company said:

"Our aggressive investment is a survival strategy, in a sense that once we lose our competitiveness, it is almost impossible to make a comeback."

It's not clear if this latest investment figure includes the 17 billion dollars it's reportedly pouring into a new U.S. chip factory.

The new investment plan comes just over a week since Samsung Group leader Jay Y. Lee was released on parole.

Lee was convicted of bribery and embezzlement, and had been serving time at a detention center in South Korea's capital Seoul.

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