Samsung plans $22 bln spending on new tech

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

In particular, the South Korean group plans to invest in the development of artificial intelligence, mobile communications technology 5G, electronic components for automobiles and bio-pharmaceutical business.

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.

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 centres, and heavily invest in biopharmaceuticals.

Samsung said it will spend the sum to hire AI researchers to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars. It expects this to "induce" another 700,000 jobs in related South Korean industries and businesses.

Considering Samsung has been cautious about commenting on its reentry into the auto business, the report said, creating the new team could hint at a strategic shift at the Korean tech giant.

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Samsung added that 4 trillion won will be spent on seeking shared growth with subcontractors.

Samsung also said Wednesday that it plans to create 20,000 more jobs over the next three years, on top of a previously announced 20,000 new jobs. The area accounted for 78.1 percent of the combined operating profit in the second quarter.

Samsung will put more than $22 billion toward tech like AI and 5G.

The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan. This will lead to the creation of an additional 15,000 jobs, Samsung said.

Samsung also vowed to lend its support to fostering the country's software industry and providing education programs to 10,000 students over the next five years.

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