Samsung Electronics Vice Chairman Lee Jay-yong makes an inspection tour of the electronics company’s Onyang plant in Asan, Chungcheongnam-do, on July 30.

Samsung Electronics Vice Chairman Lee Jay-yong has made good on a promise he made on the company’s investments two years ago.

Samsung Electronics is expected to channel about 7 trillion won more into Korea by the end of this year than the 130 trillion won he promised earlier, the company said on Aug. 13.

It was in August 2018 that Vice Chairman Lee came up with a plan in which Samsung Electronics and other subsidiaries of the group would invest 180 trillion won in Korea over three years.

The timeline of the investments is set to end at the end of this year.

Vice Chairman Lee had repeatedly pledged to fulfill his promise on investments. Lee reconfirmed his pledge at a meeting of business leaders designed to cope with the spread of COVID-19 at the Korea Chamber of Commerce and Industry (KCCI) building in February 2020, saying that corporate duties are job creation and innovative investments.

Investments include 30 trillion won for a third plant project in Pyeongtaek, Gyeonggi-do, 7.4 trillion won for extreme ultraviolet (EUV) foundry project in Pyeongtaek, and 17 trillion won in a memory chip line in Xian, China.

As Samsung Electronics’ investments have been flowing into the semiconductor sector, the company’s new growth engine, Vice Chairman Lee’s investment plan is expected to surpass its original target.

Besides, Samsung Electronics plans to pour 133 trillion won into the system semiconductor sector. In April 2019, Samsung Electronics unveiled “Semiconductor Vision 2030,” calling for the company to become the world’s No. 1 system semiconductor maker.

In 2018, Samsung Electronics announced a plan to hire 40,000 employees, and its achievement rate has topped 80 percent. It means that more than 32,000 new employees have been hired amid a situation in which employment has been cut in the wake of the spread of the COVID-19 pandemic.

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A view of Galaxy Note 20 and Galaxy Note 20 Ultgra. (Photos: Samsung Electronics)

Samsung Electronics Releases Galaxy Note20 Series

Samsung Electronics Co., Ltd. hosted its first-ever Galaxy Unpacked virtual event livestreamed from Korea on Aug. 5 to introduce a new suite of power devices.

Five devices were revealed during the event, that empowered consumers navigating a rapidly changing world: Galaxy Note20 and Galaxy Note20 Ultra, the most powerful Note series yet; Tab S7 and S7+, versatile tablets for productivity and creativity; Galaxy Watch3, a premium smartwatch along with advanced health features; Galaxy Buds Live, stylish and ergonomic earbuds with amazing sound quality; and Galaxy Z Fold2, the next generation foldable smartphone with enhanced refinements.

“Never before have we relied on technology like we are today. It’s how we are staying connected as we navigate the extraordinary challenges faced around the world,” said Dr. TM Roh, President and Head of Mobile Communications Business, Samsung Electronics.

“Technology must make life easier, not more complex. That’s why we have introduced five new power devices. Alone, these devices are powerful tools to help you maximize work and play. Together, as part of the Galaxy ecosystem, they work together seamlessly so you can spend your time focused on what matters most.”