(LEAD) Samsung to spend big on eco-friendly, healthcare businesses
SEOUL, May 11 (Yonhap) -- Samsung Electronics Co. and its affiliates will spend 23.3 trillion won (US$20.63 billion) on environmental and healthcare businesses by 2020 as part of efforts to tap future growth engines, Samsung Group said Tuesday.
The investment will focus on solar cells, rechargeable cells for hybrid electric vehicles and light-emitting diode (LED) technologies, along with other areas, South Korea's top conglomerate said in an e-mailed statement.
Samsung expects to generate 50 trillion won in annual revenue from the new businesses by 2020, it said.
"Governments around the world are now investing in green industries to address the issues of depleting energy resources and the protection of our planet's environment," Lee Kun-hee, the recently returned chairman of the group's flagship Samsung Electronics, was quoted as saying in the first meeting he convened with Samsung affiliate presidents.
A lion's share of 8.6 trillion won will go to Samsung LED, a joint venture between Samsung Electronics and Samsung Electro-Mechanics Co., for LED-backlit displays, LED lighting and car-electronics.
Samsung Electronics has earmarked 6 trillion won for developing and manufacturing solar cells for the next decade. Samsung SDI Co., the world's No. 2 maker of lithium-ion batteries, will invest 5.4 trillion won in rechargeable cells for hybrid electric vehicles.
Samsung will funnel 2.1 trillion won to biopharmaceuticals and 1.2 trillion won into electronic healthcare equipment, it added.
"While our current business is about convenience, the new plan shows a shift in future business concepts to environment, energy and health," company spokesman Rhee In-yong told reporters.