By Kim Sung-jin
Staff Reporter


Samsung Group Chairman Lee Kun-hee writes creating new miracle on a board at the semiconductor complex in Hwasong, Kyunggi Province, Monday celebrating the group’s 30th anniversary of its semiconductor business.
/ Korea Times


Samsung Group plans to invest a total of 25 trillion won ($24 billion) in building new semiconductor production facilities by 2010 with a target of achieving 200 trillion won in cumulative chip sales since the inception of its chip business.

The investment plan was unveiled by Samsung Group chairman Lee Kun-hee at a meeting with Samsung Electronics executives held at the Hwasong semiconductor complex, Kyonggi Province, to celebrate the 30th anniversary of its semiconductor operations that fell on Dec. 6.

At the ceremony, Lee recalled that the management of Samsung Electronics had tried to dissuade him from initiating the microchip business back in 1974, citing a lack of technology in the new field.

However, Lee said he and his father, the late Samsung founder Lee Byung-chull, decided to jump into the semiconductor business as he was convinced that high-tech industry was the only means of survival for the Korean economy, as the nation has virtually no natural resources.

``Preemptive investment is critical to success in the chip industry since missing the timing for an investment will generate a huge loss,’’ Lee said in a statement.

Samsung Group forecasts that its aggressive investment will create 10,000 new jobs.

Samsung Electronics’ semiconductor business is expected to chalk up record-high sales for 2004, about 60 percent higher than 2003. Samsung Electronics’ semiconductor division reaped $10.5 billion in annual sales last year.

sjkim@koreatimes.co.kr