Samsung unveils $20 billion investment plan

South Korean giant Samsung outlined plans to get even bigger in Seoul yesterday, revealing an investment programme totalling some 23.3 trillion won ($20.6 billion) over the next decade.

The chaebol said it would be spending the dough on the development of such technologies as solar cells and medical devices and would increase its workforce by tens of thousands over the period, according to a release.

Samsung, which has fingers in hundreds of pies, said it was preparing to invest in five specific areas: solar cells, rechargeable batteries for hybrid electric vehicles, LED technologies, bio-pharmaceuticals and medical devices.

As a result the company reckons it will create 45,000 jobs.

"When other global companies hesitate, we must move ahead decisively to take this opportunity, and this will also benefit the country's economy," Lee Kun-hee, chairman of Samsung Electronics Co told Monday's meeting, according to the statement.

Lee was convicted of tax evasion and resigned as Samsung's chairman as a result in 2008. He was pardoned by Korean president earlier this year after the company apparently decided it couldn't do with out him.

Samsung said planned to invest is 8.6 trillion won in LED technology such as back-lit displays, street, home and office lighting and car electronics. Some six trillion won would be invested in solar cells, 5.4 trillion won in rechargeable batteries for hybrid vehicles, 2.1 trillion won in bio-pharmaceuticals and 1.2 trillion won in health care equipment, the firm said.

By any measure, it's a pretty big shopping list.