SEOUL: South Korea's No. 1 conglomerate Samsung Group said Tuesday it plans to invest around 50 trillion won about or US$47.2 billion this year, continuing their investment expansion amid the prolonged economic slump.
The group had been steadily increasing its annual investment in facilities and research and development, allocating some 49 trillion won last year compared with the 45 trillion won tallied in 2012, according to South Korea's Yonhap News Agency.
Sources said Samsung Group aims to expand investment in the biotechnology sector this year, with its top electronics arm and Samsung Everland Inc., the de facto holding company of the conglomerate.
Each spending 84.7 billion won to buy new shares to be issued by Samsung Biologics Co. next month.
Samsung Biologics was established in April 2011 as part of Samsung's plan to seek a new growth engine by diversifying its businesses outside its mainstay consumer electronics and mobile devices.
Samsung Display Co. and Samsung Electro-Mechanics Co. are also planning to expand their production facilities at home and abroad, the sources added. (QNA)