Samsung announces multi-billion dollar investment in AI, 5G, and more

Samsung will put more than $22 billion toward tech like AI and 5G.                  Jung Yeon-je  AFP  Getty Images

Samsung will put more than $22 billion toward tech like AI and 5G. Jung Yeon-je AFP Getty Images

Samsung plans to invest $22 billion in artificial intelligence, automotive technology and 5G development.

Overall, Samsung plans to invest a total of KRW 180 trillion over the next three years, including the spending on future growth businesses. Samsung said it may hire 40,000 more people, while the investment itself could help create 700,000 new jobs in the country. AI seems to be the main concern.

In a bid to further expand its artificial intelligence capabilities, Samsung will be hiring over 1,000 AI researchers which will be placed in its global AI centers located in the United States, United Kingdom, Canada, Russia, and South Korea.

Samsung Electronics is now the world's largest smartphone-maker but also boasts a very strong semiconductor business that supplies chips to the companies such as Apple.

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As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors.

Samsung added that 4 trillion won will be spent on seeking shared growth with subcontractors.

Samsung said it will also bolster its mainstay chip business, which is already the major source of profit for the company. In 2010, under the leadership of Lee's father, Lee Kun-hee, who was then in charge of the group, Samsung had said it would spend 23 trillion won over the following 10 years on future businesses.

The company has been hit by a series of scandals in recent years. That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters. Samsung BioLogics, established in 2011, is the world's third-largest contract drug manufacturer.

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Vice-chairman Mr Lee met Mr Moon at the Indian factory's opening this year, his first meeting with the nation's leader since Mr Lee was released in February on a suspended jail sentence for a graft conviction.

Samsung Electronics shares were marginally down in afternoon trade against a flat Kospi index.

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