Samsung to announce the withdrawal of $6.60 million investment proposal in Saemangeum

According to a new report published by daily newspaper The Seoul Shinmun, Samsung is preparing to announce the official withdrawal of its $6.60 million investment proposal in Saemangeum. Back in 2011, Samsung signed a memorandum of understanding pledging to invest the aforementioned sum in the development of a new renewable energy industrial complex, which was scheduled to start being constructed in 2021.

However, the South Korean company has since sold off its wind power generation and solar power battery businesses following a major internal restructure, so it's believed that it sees no reason to go ahead with the investment plan as it will no longer have a use for the facilities. A Samsung executive was caught speaking out on the matter, when he said: “In the longer term, if we have a big investment plan, we could consider Saemangeum first. But for now, we see no reason to do so.”

Josh L.

Via General investment Saemangeum Samsung Group