[The Hankyoreh, October 22 2007] Samsung explores new business realms to keep growing

Expansion into energy, bio-technology and the environment could provide new business opportunities

Faced with tougher competition in global markets, Samsung Group, Korea’s largest conglomerate, is setting up its next-generation business plan.

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The fields of energy, bio-technology and the environment have been cited by Samsung as providing potential new business opportunities. Samsung has recently brought in a professional from General Electric to take charge of its environmentally-friendly, energy-related business endeavors and has set up a task force to take exclusive charge of its energy-related business at SAIT, Samsung’s advanced technology institute. Such initiatives are aimed at advancing into the energy market of the future, which includes solar energy. Samsung is also active in the development of bio chips, which are deeply connected to the semiconductor business.

Citing GE, which transformed itself from a smokestack company into an energy-oriented, environmental company, a high-ranking executive of Samsung said, “The energy and bio-technology industries are still in the early stages of development and the environmental sector is new to us. However, we can get started after we reach a conclusion.”