Samsung outlined plans to boost total investments over the next five years by 36.4 per cent, seeking to accelerate long-term growth by beefing-up production of next-generation technologies.

In a statement, Samsung detailed plans to invest KRW450 trillion ($355.8 billion) across segments including chips and biopharmaceutical from 2022 to 2026, up from KRW330 trillion over the previous five years.

Samsung also plans to hire more than 80,000 employees compared with 40,000 over the past three years.

The chip and consumer electronics giant noted 80 per cent of the planned investment will go towards its domestic market of South Korea.

Local funding is earmarked to increase 44 per cent.

The sum includes KRW240 trillion committed in August 2021.

Samsung noted securing domestic supply chains for chips and other products is vital for the country’s economic development and security.

The company recorded net profit of KRW11.1 trillion in Q1, up 56.6 per cent year-on-year, with a 19 per cent rise in revenue mostly driven by a near 40 per cent increase in semiconductor sales.