Samsung reveals multi-billion dollar tech investment plan

The spending will boost research and expenditure in artificial intelligence fifth-generation wireless networks bio-pharmaceuticals among other things

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

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.

Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (about 160 billion USA dollars) and hire 40,000 more employees for the next three years. Samsung said KRW130 trillion (€100.13 billion) of this bonanza will be spent in its native Korea. Alongside direct employment, the investment is expected to help create 700,000 new jobs in related industries and businesses.

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

The 180 trillion won plan includes capital spending as well as research and development in chips and displays and marks a 6 percent increase from its spending over the past three years.

"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said.

At Least Four Killed in Canada Shooting
At least four people were killed in an early morning shooting in Fredericton, Canada , on Friday, Aug. 10, 2018. About five minutes later, he could hear similar noises near his home.


The announcement came two days after South Korean Finance Minister Kim Dong-yeon met the group's de-facto head Lee, calling for Samsung to create new jobs and boost the economy.

But the expansion drive has since stalled after the political scandal that led to Lee's conviction and a shake up of top management.

Samsung has been one of the most profitable tech companies on the planet in recent years.

This still gives it a market share of 20.6 per cent, but even Samsung acknowledged in its results that sales of its newer devices hadn't been as good as excpected.

The company said its programs to support subcontractors adds up to a whopping 4 trillion won.

Latest News