Samsung to invest billions in artificial intelligence and 5G

Samsung to invest $22 billion into new growth areas like A.I. and 5G

Samsung Group said Wednesday that it planned to spend $22 billion to pursue new technology in areas like 5G mobile technology and artificial intelligence.

The investments will be focused on artificial intelligence, 5G network technology, electric components for cars of the future, and biopharmaceuticals.

AI is set for a particularly high investment, with Samsung set to expand the number of researchers in its various research centres across the world to over 1,000.

Want to know more about 5G? (Nasdaq: QCOM). Under its latest plans, it is to channel more spending into its manufacturing hubs, including its facility in Pyeontaek, and increase investments in the production of memory chips, non-memory equipment and advanced manufacturing equipment. 5G is the next frontier in wireless communication, and while widespread deployment is still years away, the groundwork is already being laid.

Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (about 160 billion US dollars) and hire 40,000 more employees for the next three years. Samsung has its tentacles in several different market segments, which has allowed it to weather dips in demand in certain categories, like smartphones.

Samsung said it will also bolster its mainstay chip business, which is already the major source of profit for the company.

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

Samsung, which earlier acquired USA automotive electronics firm Harman International Industries Inc., has been making various progress in this field.

The scion of the founding family, Lee was jailed a year ago for his part in the graft scandal that brought down former president Park Geun-hye.

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.

The firm expects to create 40,000 new jobs over the next three years while the investment in Korea is expected to help induce approximately 700,000 jobs in related industries and businesses.

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