Samsung to invest $21 billion in green, health businesses

As it invests in solar cells, LEDs for lighting, rechargeable batteries for electric vehicles, biopharmaceuticals and medical devices, the company expects to create 45,000 jobs, the reports said. The investment should add about 50 trillion won (about $45 billion) in annual sales by 2020, the reports said.

"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," the reports quoted Lee Kun-hee, chairman of Samsung Electronics, saying in a statement.

The largest planned investment is 8.6 trillion won (about $7.6 billion) in LEDs for backlit displays and lighting applications, according to an Associated Press report. Samsung also said it plans to invest 6 trillion won in solar cells, 5.4 trillion won in rechargeable cells for hybrid vehicles, 2.1 trillion won in biopharmaceuticals and 1.2 trillion won in electronic healthcare equipment, the report added.

The move is part of a strategy to diversify away from Samsung's core activities in semiconductors, LCDs and consumer electronics goods to allow it to compete against such companies as General Electric, Philips and Sony, the reports said. Such moves represent conventional wisdom and Taiwan Semiconductor Manufacturing Co. Ltd. (Hsinchu, Taiwan) has announced plans to invest in LED and photovoltaic manufacturing.

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