Samsung Electronics to invest 180 tln won over next 3 years

Samsung Electronics to invest 180 tln won over next 3 years

Samsung Group will invest 25 trillion won ($22 billion) in artificial intelligence, 5G mobile technology, electronic components for autos, and the biopharmaceutical business in pursuit of new growth areas, Samsung Electronics (005930.KS) said on Wednesday. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", the statement said. Samsung didn't immediately respond to a request for further comment.

Samsung will provide software education programs to 10,000 jobseekers and lend support to around 500 startups.

The South Korean tech giant said it made a decision to expand investment to revitalize the national economy and foster new growth engines.

In the field of AI, which is becoming a priority for almost every technology company on the planet, Samsung said its aim was to increase its number of AI researchers to about 1,000 globally.

In semiconductors, Samsung will expand investments in manufacturing hubs, including in Pyeongtaek, to maintain its technology edge and meet expected significant new demand from applications in AI, 5G, data centres and automotive electronics.

South Korea's leading business said the latest plan to revitalize the economy and create jobs will be aimed at contributing to the national economy through cooperation among Samsung, small firms and young people.

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

Samsung said in a statement that it will invest 25 trillion won (22 billion US dollars) in promising business areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals over the next three years.

In addition, Samsung said it aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, building on its activities in semiconductors, telecommunications and display technologies.

The company has been hit by a series of scandals in recent years. Samsung Electronics Vice Chairman Lee Jae-yong has requested that the government ease regulations on the bio segment.

"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.

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