Published: Sat, August 11, 2018
Tech | By Tabitha Holland

Samsung plans $22 billion for artificial intelligence, autos

Samsung plans $22 billion for artificial intelligence, autos

Samsung projects that the investment will lead to the creation of 40,000 jobs over the three years.

Samsung has announced that it will invest 25 trillion Korean Won, or $22 billion into innovative industries such as artificial intelligence, 5G, automotive electronic parts, and biopharmaceuticals. As transfers the Internet edition of the with reference to about it reports Reuters with a reference to the Samsung Electronics. Samsung said it may hire 40,000 more people, while the investment itself could help create 700,000 new jobs in the country. The new investment plan follows the overhaul of the group's management at the end of 2017 and comes in the face of slowing sales at its biggest earner in recent years, smartphones.

Samsung said in a statement that it will invest 25 trillion won (22 billion USA dollars) in promising business areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals over the next three years.

The €19.25 billion investment is part of a wider KRW180 trillion (€138.64 billion) spend to support capex and research and development.

"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses".

"Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies".

This story has been corrected to say that Samsung will increase the number of artificial intelligence researchers to 1,000.

The wave of cash will also beef up Samsung's biopharmaceutical wing, the company said.

Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea's place in industry while advancing its profit.

The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent.

The announcement has had little impact on Samsung's share price but should be welcomed by investors anxious about the lack of strategic direction since the conviction of group heir Jay Lee on bribery charges previous year.

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