Samsung of South Korea, detecting big prospects in green manufacturing and addressing concerns over depleting energy resources, announced it would invest 23 trillion won ($20 billion) in green energy and healthcare.

Company chairman Lee Kun-Hee said global companies were crumbling and that only innovation, mainly in green technologies, would keep his company going. He said this was a good time “to start anew.”

The chairman indicated that new businesses from the initiative could result in the creation of around 45,000 jobs and generate 50 trillion won in annual revenues for group companies by 2020.

Lee: the future is green

Lee told a meeting of top Samsung Group executives that “governments around the world are now investing in green industries to address the issues of depleting energy resources and the protection of our planet’s environment.” Samsung should not take a cue from global companies that were hesitating to invest but instead move ahead “decisively” for the sake of itself and the national economy.

The group’s flagship company, Samsung Electronics, leads the world in making memory chips and flat screen televisions and is the second largest mobile phone manufacturer. It employs around 188,000 people in 185 offices across 65 countries.

The $23 trillion won investment  would include 6 trillion won for developing and manufacturing solar cells, 5.4 trillion won in rechargeable cells for hybrid electric vehicles; 8.6 trillion won in LED technology for uses including backlit displays, lighting and car electronics; 2.1 trillion won in biopharmaceuticals; and 1.2 trillion won to develop and make electronic healthcare equipment.