News Desk: Samsung Electronics is all set to halt their company factory in China. This is the last company factory in China. Samsung Electronics, the South Korean tech giant announced on Saturday. China is considered as the second-largest economy of the world.
Jobs of around 900 employees on contact with Samsung Electronics Suzhou Computer will be affected. However, employees involved in research and development have been excluded.
However, the company spokesperson declined to state any statement regarding the decision. In a statement, the company said that China is an important market. Samsung has promised its Chinese consumers that the company will continue providing them superior products.
According to reports, the factory shipped $ 4.3 Billion worth of goods from China in 2012. But recently in 2018, the figure had sunk to $ 1 Billion.
Amid the ongoing COVID-19 pandemic, many companies are opting to shift their companies from China to other countries. The main reasons are due to the U.S. China trade war, rising Chinese labor costs, and the COVID-19 pandemic.