Samsung to Invest US$7.75 Billion into LED market
New investment will create many new jobs say IDG News
Samsung Electronics plans to invest a massive amount of money to develop new businesses including green energy.
The 23.3 trillion Korean won (US$21 billion) investment is aimed at developing five new businesses that the company expects to create 45,000 new jobs and generate 50 trillion won in annual revenue for affiliate companies by 2020, Samsung said in a statement today.
"Governments around the world are now investing in green industries to address the issues of depleting energy resources and the protection of our planet's environment, which present pressing challenges to the global community," Samsung said.
The Korean based firm plans to invest 8.6 trillion Korean won into LED technology for a range of power-saving applications, from computer screen backlights to car electronics and indoor/outdoor lighting.
A number of companies around the world have announced plans to invest in energy saving industries. Chip giant Taiwan Semiconductor Manufacturing (TSMC), for example, is also investing in the LED market and have broken ground on an LED research and manufacturing center in Taiwan.