Samsung to invest $20.6billion in health and green energy by 2020
Samsung Group has announced it is to invest 23.3trillion won ($20.6billion) by 2020 in new businesses, including health care and green energy technology.
The South Korean organisation forecast the new growth businesses would create 50trillion won in annual revenues for group companies including its flagship firm Samsung Electronics by 2020.
Samsung plans to focus on solar cells, rechargeable cells for hybrid electric cars, LEDs, biopharmaceuticals and medical devices as new growth areas. The investment plan comes after Lee Kun-hee (pictured) returned as the chairman of Samsung Electronics in March, nearly two years after he stepped down following a legal scandal.
Lee previously warned that most businesses and products representing Samsung today would disappear from the market in 10 years and said it needed to start again.
"Governments around the world are now investing in green industries to address the issues of depleting energy resources... We must move ahead decisively to take this opportunity," Lee said in a statement.
