Samsung will put more than $22 billion toward tech like AI and 5G. Jung Yeon-je AFP Getty Images
11 August, 2018, 21:30
Samsung Electronics plans to spend a whopping $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.
Samsung said the announcement followed months of deliberations and review by the management and the board of directors of different Samsung companies, including Samsung Electronics.
All-in-all, Samsung expects to create 40,000 new jobs over the next three years, which includes creating 20,000 new jobs on top of previous hiring plans - it said this shows Samsung's commitment to support youth employment.
Samsung Electronics plans to invest a total of 180 trillion won both at home and overseas as well as hire 40-thousand more employees over the next three years.
South Korea relies heavily on Samsung and its affiliated companies for investment and jobs, even after a corruption scandal that resulted in Lee's conviction for bribery.
Chung said reformist President Moon Jae-in's campaign to clip the wings of the country's powerful family-run conglomerates, known as chaebols, appeared to be losing steam in the face of stonewalling business groups which are "wielding prospects for investment as their weapons".
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For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses.
The remaining monies will go towards investment in display manufacturing facilities as well as fostering external start-up projects, creating up to 40,000 jobs in South Korea.
Industry watchers said the company's latest investment plan is set to focus on building Samsung's capabilities in the chip segment, as global rivals, especially those from China, have been trying to catch up.
In the field of artificial intelligence, Samsung hopes to take its researcher base beyond the 1,000 mark across it global AI Centres.
Samsung Electronics stocks traded flat.
The investment plan comes after South Korea's finance minister met Samsung heir Jay Y.Lee on Monday and called for help in job creation.
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