While visiting the site of a new 1.7 trillion won ($1.2 billion) battery facility in Malaysia last week, Samsung Electronics Chairman Lee Jae-yong reaffirmed his commitment to making bold investments despite economic instability.
The Korea Herald reported that the tech giant said on Monday that Samsung’s CEO paid a visit to Seremban, Malaysia, on Friday. Samsung SDI, the company’s battery division, is constructing a second factory there. The construction will finish in 2025.
In the upcoming months, Samsung SDI plans to produce its cutting-edge cylindrical batteries, known as PRiMX 21700, which are 70 millimeters long and 21 millimeters broad, in an effort to better equip itself for the demands of the battery market.
Established in 1991, the Seremban factory is the first overseas operation of Samsung SDI. In 2012, the facility that had previously produced TV cathode-ray tubes was converted to generate batteries.
“We shouldn’t be intimidated by unfavorable market sentiments. Even in difficult times, we should continue to make bold investments,” Lee was quoted as saying during the visit.
“We should create new values and secure unrivaled competitiveness.”
Lee made these remarks at a time when Samsung SDI was preparing for business uncertainties despite last year’s record earnings of 1.6 trillion won in operating profits and 22.7 trillion won in sales.
In light of the declining demand for EVs and other electric equipment, the firm predicted short-term market changes but pledged to keep working to maintain its competitiveness for long-term growth.
He also traveled to the Malaysian capital, Kuala Lumpur, on Saturday to explore shopping establishments and assess the mood of the populace. In terms of shipments of smartphones, Malaysia is now Samsung’s top market.
Lee also met with staff members from the local Samsung Electronics, Samsung C&T, and Samsung Engineering groups. It is in order to raise morale following their visit over the Lunar New Year’s vacation in Korea.
This was the CEO of Samsung’s first international business trip of the year. It is said that he arrived back in Seoul on Sunday.
The largest retail location for Samsung Electronics is located in Southeast Asia. For SK Nexilis, the copper foil manufacturer owned by SKC. While, equipment and material logistics are managed by Samsung SDS, the IT solutions division.
The second-tallest structure in the world, Merdeka 118, is a 118-story skyscraper in Kuala Lumpur that Samsung C&T built. Since November of last year, Samsung Engineering has also joined the hydropower project in Sarawak.
