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Samsung To Spend $22 Billion On AI, Auto Tech, 5G 08/08/2018

11 August, 2018, 21:29 | Author: Arnold Gilbert
  • 5 stunning stats about Samsung

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 Electronics said it will invest aggressively in the fifth-generation network technology, which is anticipated to contribute to the growth of self-driving cars, Internet of Things solutions and robotics.

It is noted that these attachments are part of the three-year investment plan with a total volume of 180 trillion won, aimed at creating new jobs and providing new sources of growth.

This includes a 25 trillion won ($22bn) spending spree for its Samsung Electronics arm, the best-known of all its divisions, and the brains behind its smartphone and semiconductor businesses. AI seems to be the main concern.

To expand its AI capability, Samsung will be increasing the number of researchers to 1,000 across its global AI centers in the U.K., Canada, Russia, U.S. and South Korea.

As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors. Consumption has slowed, unemployment is rising and investment has cooled since he came to power a year ago. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", it said in a statement. The platform will benefit 500 projects - 300 external candidates and 200 inside the company - in the next five years to encourage innovations and entrepreneurship.

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

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

Samsung said it already helped 1,086 companies adopt smart factory solutions from 2015 through 2017, with the beneficiaries observing an average 5.5 percent increase in their sales.

Lee was freed after almost a year in jail.

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

Samsung Electronics stocks traded flat.

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