Tuesday, 18 December, 2018

Samsung to invest $22 billion in new tech to drive growth

Samsung to invest $22 billion into new growth areas like A.I. and 5G Samsung announces multi-billion dollar investment in AI, 5G, and more
Cecil Davis | 10 August, 2018, 19:27

The company has reportedly chose to invest up to $20 billion in futuristic technologies which include artificial intelligence and 5G.

Samsung Electronics plans to invest a total of 180 trillion won both at home and overseas as well as hire 40-thousand more employees over the next three years.

It said the group plans to significantly expand artificial intelligence (AI) research capability, increasing the number of advanced AI researchers to 1,000 across its global AI centres, and heavily invest in biopharmaceuticals.

The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key programmes over the next three years, according to Samsung Electronics, the group's crown jewel.

Nearly three quarters of the investment will be made directly into South Korean businesses, and will create an estimated 40,000 jobs in the country. Still, the company said its chip business continued to do well.

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"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses". The area accounted for 78.1 percent of the combined operating profit in the second quarter.

The company said it expected to add 40,000 new jobs over the next three years, in news that will likely bring relief to South Korea's government which is now struggling with high youth unemployment. The firm plans to take this action by making investments into businesses, and will look to deplete the fund over the next three years.

No company in South Korea can match Samsung's scale in investment or job creation. Samsung wants to pump more money into the division in order to maintain its dominance in the market.

The company said the program will be provided in around five cities throughout the country, starting with a thousand students in the first year.