Samsung to invest $22 billion in new tech to drive growth

Samsung will put more than $22 billion toward tech like AI and 5G.                  Jung Yeon-je  AFP  Getty Images

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

Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (about 160 billion US dollars) and hire 40,000 more employees for the next three years.

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

"The total investment size is not surprising".

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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.

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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 centers, and heavily invest in biopharmaceuticals.

A new set of initiatives will see Samsung become a leading force in building and energising the ecosystem of innovative businesses for the digital economy, opening up a venture incubation programme to both external and internal start-up projects. It reflected Samsung's commitment to support youth employment, Samsung said in a statement. Shares in the group's information technology services affiliate Samsung SDS rose 5 percent.

The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent. Samsung Electronics' share price closed this morning flat.

The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan. Nearly three-quarters of that investment will be made at home, it said in a statement.

Samsung, which earlier acquired USA automotive electronics firm Harman International Industries Inc., has been making various progress in this field.

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