ISLAMABAD: Samsung, a South Korean electronics company, has announced a long-term plan to invest 23.3 trillion Korean won ($20.57 billion) in new businesses in environmental and healthcare sectors in Pakistan by 2020.
Five major new areas of investment outlined include solar cells, rechargeable cells for hybrid electric vehicles, Light Emitting Diode (LED) technologies, biopharmaceuticals and medical devices. Samsung on Friday announced that the five new growth businesses were expected to create around 45,000 jobs and generate 50 trillion won in annual revenue for affiliated companies by the year 2020.
The investment plan was agreed during a Samsung Council of Presidents' meeting on May 10 attended by Samsung Electronics Chairman Kun-Hee Lee and heads of related affiliates and business units. The executives were given presentations on market and technology trends in the new business areas and discussed the investment plans. Key investments outlined during the meeting included six trillion won in development and manufacture of solar cells, initially focusing on crystalline silicon technology and later on thin film.
This venture is expected to generate 10 trillion won in annual revenue and employ 10,000 workers by 2020. Additionally, 5.4 trillion won will be invested in rechargeable cells for hybrid electric vehicles, which is expected to generate 10.2 trillion won in annual revenue and employ 7,600 by 2020. Moreover, an investment of 8.6 trillion won will be made in LED technology for applications including backlit displays, lighting and car electronics.
This LED venture is expected to create 17.8 trillion won in annual revenue and employ 17,000 staff by 2020. This collaboration between the Samsung Medical Centre and related business units is expected to generate 1.8 trillion won in annual revenue and employ 710 people by 2020. This endeavour is expected to create revenue of 10 trillion won annually and employ 9,500 people by 2020.
Published in the Express Tribune, May 15th, 2010.