POSTED: May 13th 2010

PyeongChang 2018 to benefit as Samsung puts $21b into eco and healthcare sectors

PyeongChang looks to host high tech Games / Image: PyeongChang 2018
PyeongChang looks to host high tech Games / Image: PyeongChang 2018

LAURA WALDEN / Sports Features Communications

TAMPA/SEOUL, May 13: Samsung Group is heavily looking into green technology to pave their way towards the future with a hefty $21b investment to secure their growth pattern.

Certainly with such an advanced vision in the field of environmental awareness and technological know how the PyeongChang 2018 bid will also benefit from this strong supporter to bring high-tech winter Olympics to Korea.

Samsung is also sponsor of the exclusive Olympic TOP Program since 1997 under the category of wireless telecommunications equipment. They are currently on the program through the London 2012 Games and it is widely expected that they will remain on the program especially in view of the national bid.

The new direction comes from insight by corporate chair and IOC Member, Kun-hee Lee, who warned in March that the conglomerate was facing serious challenges to stay on top of the market and predicted that many products that now represent Samsung in ten years time would disappear.

Lee said, "While other global companies hesitate, we must move ahead decisively to take this opportunity. Governments are heavily investing in green industries to address the issue of depleting energy resources. Samsung needs new and visible earnings drivers.”

The group is now focusing on manufacturing solar cells, rechargeable batteries for electric vehicles, light emitting diodes (LED) and related technologies, biopharmaceuticals and medical devices as their business model for the future.

Many thought that the previous remarks could result in layoffs and set backs for the multi-national however the new plan is aiming to yield $44 billion in annual sales and create 45,000 new jobs by 2020.

Samsung is the world’s number one producer of computer chips and flat-screens for digital devices such as televisions. This accounts for about 70 percent of their annual profit with their flourishing mobile phone business running second.

After Nokia, Samsung is the world’s second largest phone manufacturer and provides wireless telecommunications equipment to the Olympic Family to assist the staging of the Games.

Samsung also has a solid life insurance business and just days ago shares jumped nearly 9 percent in their first day of trading yesterday in South Korea after a $4.3b initial public offering that set a record as the country's largest.

Keywords · Samsung · Kun-hee Lee · PyeongChang 2018 · Olympic bids

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