SEOUL (Reuters) - South Korea's biggest business conglomerate Samsung Group said on Tuesday it would invest 23.3 trillion won ($20.6 billion) by 2020 in new businesses including health care and green energy technology.
Samsung picked solar cells, rechargeable cells for hybrid electric cars, light emitting diodes (LED), biopharmaceuticals, and medical devices for new growth areas in its first detailed investment plans to challenge rivals such as General Electric, Dutch firm Philips Electronics and Japan's Sanyo Electric.
The group, which generates around one fifth of South Korea's total exports, forecast the new growth businesses would create 50 trillion won in annual revenues for group companies including its flagship firm Samsung Electronics by 2020.
