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While Samsung Electronics, the world's largest manufacturer of chips and smartphones and the flagship company of the group, have not said how the investment will be distributed.

Reflecting rising calls for family-controlled conglomerates to make more social contributions in South Korea, Samsung also said its new investment plan will go a long way toward creating more jobs.

It forms part of a broader strategy under which the Samsung group will invest KRW180 trillion ($160.7 billion) in total over the next three years in capital expenditure and research and development. Youth unemployment rates are at historic highs and exports, apart from the booming memory chip sector, have been slow to recover.

Aside from this focused investment, Samsung will actually be investing a total of $161 billion over the next three years.

The electronics company, which is also to explore biopharmaceuticals as part of its new plans, said it would double the number of employees it planned to hire over the next few years to 40,000.

The 130 trillion won investment in the nation is expected to have an effect of creating 700-thousand jobs.

By drawing on its well-established expertise in technology and start-up investments, Samsung will open up its venture incubation program to both external and internal start-up projects and provide software training.

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The scion of the founding family, Lee was jailed past year for his part in the graft scandal that brought down former president Park Geun-hye. He is appealing the conviction.

Areas that will be targeted for investment include the company's manufacturing hubs, as well as existing memory and display businesses.

Samsung's announcement came a month after President Moon Jae-in met the company's de facto head Lee Jae-yong in India.

Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier.

The company has been hit by a series of scandals in recent years.

"Kim's visit to Samsung. showed the momentum for chaebol reform has been all but lost", he said.

Samsung Electronics shares were little changed.


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