Samsung Group will invest $356 billion over the next five years to develop next-generation semiconductor, biopharmaceutical and other technologies, Reuters reports.

The largest South Korean conglomerate said the investment will help Samsung drive long-term growth in strategic areas such as chip manufacturing, as well as accelerate the development of the biopharmaceutical sector. It is noted that 80% of the investment will be allocated to research and training in South Korea.

The company noted that this would create 1.07 million jobs. The volume of investments planned until 2026 is more than 30% higher than Samsung's previous investments until 2021.

Samsung's statement also said that securing domestic supply chains for chips and biomaterials would be of strategic importance to South Korea's economic security.

Samsung did not include electric vehicle batteries as a future growth engine in the statement. However, Samsung's SDI battery division and Chrysler's parent company Stellantis are scheduled to announce the construction of a new battery plant in the US state of Indiana on Tuesday May 24.