Samsung bullish on China market, with aggregate investment of 34.9 bln USD
Global electronics giant Samsung is seeking more opportunities for cooperation by exhibiting its latest 5G, 8K, Internet of Things (IoT) and semiconductor technologies and products at the upcoming 2nd China International Import Expo to be held in Shanghai.
"China has long been one of the key strategic markets for Samsung, especially in the 5G era," said Deuk-kyu Hwang, president of Samsung China, who also noted that the company now has more than 4,100 local suppliers in China.
Samsung has made an aggregate investment of 34.9 billion U.S. dollars in China by the end of 2018 since it came into the Chinese market 27 years ago.
The money has been poured into a total of 157 business institutions in electronics, finance, heavy industry and the service sector, including 26 production enterprises and seven R&D centers, the company said.
About 22.8 billion U.S. dollars of Samsung's investment in China was made since 2013, raising the proportion of investment in advanced manufacturing of semiconductors, auto power batteries and high-end LCD panels from 13 percent to 55 percent, Hwang added.
Samsung has pumped more than 14 billion U.S. dollars into the second phase of its chip plant in Xi'an, capital of northwest China's Shaanxi Province, which is expected to begin mass production in the first quarter of 2020.
Investment in the second phase of the chip plant project reflects Samsung's confidence in China's economy, according to Hyunki Ji, vice president of Samsung China Semiconductor Co. Ltd.