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Samsung to invest $5.99B in China

Posted: 27 Mar 2007 ?? ?Print Version ?Bookmark and Share

Keywords:LCD? LCD TV? LCD panel? Samsung Electronics?

Samsung disclosed that it will invest $5.99 billion in mainland China this year, according to a report from the Shanghai Daily.

The company will also expand business in the insurance, real estate and clothes industries in the mainland, according to Kihong Kim, Samsung China's senior corporate communications manager.

In 2006, Samsung invested $5.01 billion in China and generated revenue of $29.6 billion, a 17-percent increase from 2005, the company said.

"The investment on LCD will grow in 2007 and we are seeking other business opportunities that Chinese consumers are not familiar with," Kim said.

The company recently announced that it will invest $143.83 million in its LCD panel manufacturing plant in Suzhou, Jiangsu Province, which will increase its capacity by 60 percent.

After the completion of its expansion plans in 2008, Samsung will produce panels for LCD TVs in mainland China for the first time, the report said.

Besides consumer electronics and LCD panels, Samsung will also expand its finance business in the country. Samsung Securities has applied for QFII (qualified foreign institutional investor) status and will "soon get approval," according to Kim.

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