Samsung to invest billions in new tech to drive fresh growth

11 August, 2018, 21:30 | Author: Camille Rivera
  • Samsung will put more than $22 billion toward tech like AI and 5G.                  Jung Yeon-je  AFP  Getty Images

Now keen attention is being paid to whether the mega investment plans could soothe the sour relationship between Samsung and the government since the liberal president whose key campaign pledges include chaebol reforms took office in May previous year.

South Korea's Samsung will invest 25 trillion Won ($22.3 billion) in technologies including artificial intelligence (AI) and 5G as it tries to fend off the challenge from worldwide rivals and address investor concern about its long-term prospects. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.

The company said a substantial slice of the overall investment pie will be earmarked for South Korea itself, and that overall the investment will create some 40,000 new jobs.

The Group's flagship company, Samsung Electronics, did not provide a breakdown of the figures.

Last week, Samsung Electronics posted its slowest quarterly profit growth in more than a year following a slowdown in the global smartphone market.

"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses".




Those investments would be made in four key areas: artificial intelligence (AI), fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, the company said on Wednesday.

In addition to AI and 5G, Samsung will focus its efforts on automotive electronics parts and biopharmaceuticals. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".

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.

The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent.

After being freed from prison early this year, the Samsung heir returned to the management but maintained a low profile mostly staying overseas for business meetings.

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