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Samsung plans $22 billion for artificial intelligence, autos

11 August, 2018, 21:29 | Author: Joanna Little
  • Samsung to invest $22 billion into new growth areas like A.I. and 5G

Now keen attention is being paid to whether the mega investment plans could soothe the sour relationship between Samsung and the government since the liberal president whose key campaign pledges include chaebol reforms took office in May a year ago. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.

Of the total, KRW 130 trillion (around Rs. 7.97 lakh crores) will be spent in South Korea, and is expected to create 40,000 jobs, or 20,000 more than its previous hiring plans, Samsung said.

"Today's announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments, including Samsung Electronics", said the company.

The total planned investment of 6% exceeds the volume of investments in the last three years.

The South Korean conglomerate said in a statement on Wednesday that it would invest 25 trillion won ($22 billion) in four areas over three years.

The investment is part of a wider $160bn push by Samsung to create new jobs, expertise and revenue under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison. This will include capital expenditure and R&D costs for semiconductors and display businesses.

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On the education front, the company is setting up a number of software education centers in South Korea, offering training and "employment consulting" to about 10,000 students and job candidates.

The group especially pinned high hopes on its bio business, including biosimilar development and contract manufacturing, with aims to nurture the "next semiconductor" business as its key growth engine.

Samsung said it already helped 1,086 companies adopt smart factory solutions from 2015 through 2017, with the beneficiaries observing an average 5.5 percent increase in their sales.

After being freed from prison early this year, the Samsung heir returned to the management but maintained a low profile mostly staying overseas for business meetings.

Samsung Electronics shares were little changed.

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