SEOUL: Samsung Group unveiled a massive 450 trillion won US $356 billion investment plan for the next five years, designed to make it a frontrunner in a wide range of sectors from semiconductors to biologics.
More than a third of its investments have been spent over the past five years, according to the new figure.
The tech giant is South Korea's largest conglomerate and its turnover is equivalent to a fifth of the national gross domestic product.
Samsung Electronics, its flagship subsidiary, is the world's biggest smartphone maker.
The investment plan will bring long-term growth in strategic businesses and help strengthen the global industrial ecosystem of crucial technology that Samsung said in a statement.
Through 2026, the 80,000 new jobs would be created in core businesses, including semiconductors and biopharmaceuticals.
It said that the investment would bring forward the mass production of chips based on the latest technology to further shrink down the size of semiconductors and boost computing power.
It will invest heavily in biopharmaceuticals with its affiliates Samsung Biologics and Samsung Bioepis in the field.
The investment over the past five years has gone up by 36 per cent over the past five years.
Samsung plans to commit 360 trillion won to South Korea over the next five years, based on the 450 trillion won Samsung plans to spend over the next five years.
The announcement came after US President Joe Biden toured Samsung Electronics' massive Pyeongtaek semiconductor factory on Friday, underscoring the South Korean giant's role in securing global supply chains of microchips on his first Asia trip as US leader.
South Korea and the United States need to work together to keep supply chains resilient, reliable and secure, said Biden, who said semiconductors manufactured there are a wonder of innovation and crucial to the global economy.
Lee Jae-yong, the firm's vice-chairman and de facto leader of the larger Samsung conglomerate, escorted Biden and newly-sworn in South Korean President Yoon Suk-yeol inside the assembly line, and introduced the two to an audience in English in his highest-profile public appearance since his release on parole in August.
Lee had spent over half a year in jail for bribery, embezzlement and other crimes in connection with a corruption scandal that brought down ex-South Korean president Park Geun-hye before his release.
Samsung employs about 20,000 employees in the United States and is working to build a new semiconductor plant in Texas, scheduled to open in 2024.