Samsung to invest more despite worsening economy

SEOUL, Dec. 1 (Yonhap) -- Lee Kun-hee, chairman of Samsung Electronics Co., said Thursday that Samsung will invest more aggressively next year despite the worsening global economy. Samsung will make investments more actively than usual, Lee told reporters in Seoul. He also said the company should stay vigilant as economic situations are getting worse in the advanced economy in particular. Samsung Electronics, also the world's TV maker and No. 2 handset maker, funneled 23.5 trillion won (US$20.87 billion) in investment through September, including 16 trillion won in capital expenditures. Its parent Samsung Group, South Korea's largest industrial group, put the annual outlay of its affiliates, including Samsung Electronics, at 43 trillion won for this year, up 18 percent from 2010. The group is expected to announce the yearly investment budget in January. Separately, Lee refuted speculation that his only son would get a promotion during an impending reshuffle, saying that Lee Jae-yong will not be promoted to a vice chairman. Jae-yong, an heir apparent and chief operating officer of Samsung Electronics, was promoted to president in the annual shakeup one year ago. ylee@yna.co.kr (END)