Samsung bets $22 billion on AI, 5G and auto tech

Samsung bets $22 billion on AI, 5G and auto tech

There are plans to increase the number of advanced AI researchers at its AI centres to 1,000 while there will also be an expansion of its semiconductor manufacturing capabilities to cope with demand for AI, 5G, data centre and connected vehicle components.

"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses". The company also will expand C-Lab, its internal venture incubation program, and work with the Korean government to establish and run software education centers across the country.

Lee was freed after almost a year in jail but former President Park Geun-hye and a close associate remain imprisoned for bribery and other charges.

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

The 130 trillion won investment in the nation is expected to have an effect of creating 700-thousand jobs. Nearly three-quarters of that investment will be made at home, it said in a statement. The rest will likely be distributed to China, Vietnam and other production lines overseas. "But Samsung can be more active in M&As to do better at AI or 5G, when Lee is fully back to his business", Greg Roh, an analyst at Hyundai Motor Securities, said.

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The figure translates into around 43 trillion won annually, which is similar to Samsung's record high facility investment of 43.4 trillion won made a year ago. In 2010, under the leadership of Lee's father, Lee Kun-hee, who was then in charge of the group, Samsung had said it would spend 23 trillion won over the following 10 years on future businesses.

The Samsung logo is seen in Seoul, South Korea, March 23, 2018.

South Korean voters tired of scandals and critical of big businesses like Samsung elected President Moon to replace Park after she was ousted.

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.

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