POSTED: January 5th 2011

Olympics sponsor Samsung to invest $38.3bn in expanding global business

The Samsung Galaxy Tab is a best seller / Samsung Electronics
The Samsung Galaxy Tab is a best seller / Samsung Electronics

LAURA WALDEN / Sports Features Communications

TAMPA/SEOUL, Jan 5: The South Korean electronics giant announced today that it would be investing $38.3bn to expand the brand in global markets and to develop new business.  Samsung is a TOP (The Olympic Partner) sponsor for the Olympic Movement as the wireless telecommunications equipment supplier for the Games through the 2016 Rio Olympics.

Samsung, which means "Three Stars", is the world’s second largest mobile phone producer behind Nokia.

Samsung Electronics is the world’s largest manufacturer of flat screens and memory chips and is the front runner of the group making up almost 20 percent of the country’s GDP.

Samsung released this statement, "Uncertainties over the global economy still persist, but we have reached the decision... in an effort to beef up the global competitiveness of our flagship businesses.”

Kun Hee Lee, IOC Member and chairman of the Samsung conglomerate, has paved the way for his son Jay Y. Lee to take over the family conglomerate and nominated him president last December. This aggressive investment in the future sets the stage for a new generation of family management in rapidly expanding technological times.

Currently Lee is avidly behind the PyeongChang 2018 Olympic Bid and has been actively lobbying. A member since 1996, Samsung first came on as an Olympic TOP Sponsor the next year.

Their development plans will foresee spending 29.9 trillion won in expanding or building new plants producing semiconductors, liquid crystal display panels and other electronics and channel an additional 12.1 trillion won on research and development.

The investment also comes after competitor Nokia posted a stellar third-quarter net profit and the global market for smartphones is growing following the recession, producing a demand for more handsets and memory chips.

Keywords · Samsung Electronics · Kun Hee Lee · TOP sponsors · olympics · smartphones

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