Samsung targets healthcare for growth

South Korea’s Samsung Group has announced it is to invest €16.6 billion ($20.6billion) by 2020 in new businesses, including health care and green energy technology.

Samsung forecasts the new growth businesses would create €35 billion in annual revenues for group companies including its flagship firm Samsung Electronics by 2020.

Samsung plans to focus on solar cells, rechargeable cells for hybrid electric cars, LEDs, biopharmaceuticals and medical devices as new growth areas.

The investment plan comes after Samsung chairman Lee Kun warned that most businesses and products representing Samsung today would disappear from the market in 10 years.

"Governments around the world are now investing in green industries to address the issues of depleting energy resources… We must move ahead decisively to take this opportunity," Lee said in a statement.