Samsung to invest 160 bln USD, hire 40,000 for next 3 years

Samsung made the announcement to help revitalize the South Korean economy and foster new growth engines, Xinhua reports.

The government under South Korean President Moon Jae-in placed its top priority on job creation, especially among youths, unveiling supplementary budget to create decent jobs.

However, it had yet to take effect as the labor market was in the doldrums on soft corporate investment and weak private consumption.

Samsung expected to create 40,000 new jobs, including generating up to 20,000 additional new jobs on top of the previous hiring plans, over the next three years. It reflected Samsung's commitment to support youth employment, Samsung said in a statement.

Along with the direct employment of Samsung, its investment in South Korea was forecast to help induce around 700,000 jobs in related industries and businesses, the statement noted.

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