Samsung invests billions in 5G and AI

11 August, 2018, 03:56 | Author: Leah Owens
  • The spending will boost research and expenditure in artificial intelligence fifth-generation wireless networks bio-pharmaceuticals among other things

While Samsung Electronics, the world's largest manufacturer of chips and smartphones and the flagship company of the group, have not said how the investment will be distributed.

Overall, Samsung plans to spend 180 trillion KRW (~$160.8 billion) in the next three years on various technologies.

Consumption has slowed, unemployment is rising and investment has cooled since he came to power previous year.

The firm plans to take this action by making investments into businesses, and will look to deplete the fund over the next three years.

In addition, the company will expand its venture capital investments to identify promising new businesses and technology.

Those investments would be made in four key areas: artificial intelligence (AI), fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, the company said on Wednesday.

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KAZINFORM Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (160 billion US dollars) and hire 40,000 more employees for the next three years. However, it told Reuters that "it will provide most of the investment".

He has since been released after some of his convictions were quashed on appeal, and is now awaiting a Supreme Court decision.

Chung said reformist President Moon Jae-in's campaign to clip the wings of the country's powerful family-run conglomerates, known as chaebols, appeared to be losing steam in the face of stonewalling business groups which are "wielding prospects for investment as their weapons". It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases, the company said.

With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move.

Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years. This will lead to the creation of an additional 15,000 jobs, Samsung said.

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