Samsung Announce Record Breaking Investment Plan

Samsung has today revealed a record investment plan of Won26,000 billion (£16bn) for this year.

The technology giant hopes to secure itself a place as market leader through the creation of innovative semiconductors and flat panel displays.

Lee Kun-Hee, the chairman of the South Korean company is set to meet Sir Howard Stringer, Sony's chief executive, on Monday. Although both Samsung and Sony have refused to comment on what the meeting is about, media reports speculate that the men will discuss further cooperation in the area of liquid crystal display panels and 3D televisions.

"Although the global economy is still uncertain and business conditions are expected to change rapidly, we have to increase investment and hire more people to take global business opportunities."

News of the companies large scale investment comes after Mr Lee's warning that Samsung risked losing market share unless the company completely overhauled its business model.

The South Korean company have also recently reported a seven-fold increase in first-quarter operating profit to Won4,405bn on sales of Won34,638bn.

Other chip producers, including Toshiba, have also been rushing to expand production facilities to take advantage of robust sales of new mobile gadgets such as smartphones and tablet personal computers.

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