Samsung to invest $22 billion on new AI, automotive technology

Adjust Comment Print

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.

The investment is part of a broader KRW 180 trillion (roughly Rs. 11 lakh crores) package South Korea's biggest business group is planning to spend over the period to create jobs and secure new growth areas, as its core semiconductor and smartphone businesses weaken. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.

The firm expects to create 40,000 new jobs over the next three years while the investment in Korea is expected to help induce approximately 700,000 jobs in related industries and businesses.

More news: Qeensland best placed to see meteor shower

Nearly three quarters of the investment will be made directly into South Korean businesses, and will create an estimated 40,000 jobs in the country.

Aside from this focused investment, Samsung will actually be investing a total of $161 billion over the next three years. Still, the company said its chip business continued to do well. The area accounted for 78.1 percent of the combined operating profit in the second quarter.

"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said.

More news: United States to impose sanctions on Russian Federation over attack on Skripals

But the expansion drive has since stalled after the political scandal that led to Lee's conviction and a shake up of top management.

Samsung Electronics said the announcement followed "many months of deliberations and review" by the group. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years. The trainees will be able to share the company's vast technology know-how. The students will be provided with subsidies as well.

More news: Pochettino reacts to latest Bale to Spurs transfer rumours

Comments