Samsung to invest billions in artificial intelligence and 5G
11 August, 2018, 21:29 | Author: Ron Miles
The firm has said that $21bn (£17bn) will be invested over the next three years in the areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals in a bid to aid future growth.
This story has been corrected to say that Samsung will increase the number of artificial intelligence researchers to 1,000. 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.
Samsung said in a statement that it will invest 25 trillion won (22 billion USA dollars) in promising business areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals over the next three years. The company also made a decision to directly hire 40,000 more employees in the cited period.
The wave of cash will also beef up Samsung's biopharmaceutical wing, the company said. (Nasdaq: INTC) and Qualcomm Inc.
Want to know more about 5G? This will lead to the creation of an additional 15,000 jobs, Samsung said. A new KRW110 billion ($98.2 million) fund, to be set up with the South Korea government, will provide funding for as many as 2,500 small and midsized enterprises for the next five years. As part of the plan, it will open up its venture incubation programme to external and internal start-up projects and provide software training.
The company has been hit by a series of scandals in recent years.
More support for suppliers is also planned, with a total KRW 4 trillion available for extending financing to more sub-contractors in the lower-level supply chain and increasing incentive payments.
Vice-chairman Mr Lee met Mr Moon at the Indian factory's opening this year, his first meeting with the nation's leader since Mr Lee was released in February on a suspended jail sentence for a graft conviction.
Today's update comes after the company reported an operating profit of KRW14.87 trillion ($13.3 billion) for its second quarter, down 5% sequentially but up 6% year-on-year. The weak performance was largely blamed on lackluster smartphone sales.
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The Samsung logo is seen in Seoul, South Korea, March 23, 2018.
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