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Samsung Tripling R&D, Boosting Manufacturing Efforts

Samsung Electronics will spend $22.7 billion on new product development and manufacturing, including new productions plants and the investment effort will create 10,000 new jobs.

The company is tripling its R&D efforts, according to an AP report, and focusing on the healthcare and environmental industries, as well as semiconductor and liquid crystal display panel manufacturing. There were no details on plant and facility locations being considered.

"Although the global economic environment and business conditions remain changeable and uncertain, if we invest aggressively in expanding facilities and in hiring then these circumstances also present Samsung an opportunity for future growth and to stimulate the economy," Chairman Lee Kun-hee stated in a release.

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