Samsung Group to invest $22 billion in AI, 5G technologies

Samsung to invest $22 billion into new growth areas like A.I. and 5G

Samsung to invest $22 billion into new growth areas like A.I. and 5G

On the education front, the company is setting up a number of software education centers in South Korea, offering training and "employment consulting" to about 10,000 students and job candidates.

The South Korean conglomerate released a bumper statement on Wednesday which outlined its vision to create 40,000 new jobs within three years through heavy spending on advanced technologies such as artificial intelligence and 5G.

There are plans to increase the number of advanced AI researchers at its AI centres to 1,000 while there will also be an expansion of its semiconductor manufacturing capabilities to cope with demand for AI, 5G, data centre and connected vehicle components.

The company said it "expects innovations powered by AI technology will drive the industry's transformation, while the next-generation 5G telecommunications technology will create new opportunities in autonomous driving, the Internet of Things (IoT) and robotics".

The Korean tech giant also announced a set of initiatives aimed at building the ecosystem of innovative businesses for the digital economy.

The company said it will further strengthen ties with smaller businesses and roll out various projects to seek shared growth.

Aside from this focused investment, Samsung will actually be investing a total of $161 billion over the next three years.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses. The area accounted for 78.1 percent of the combined operating profit in the second quarter.

It forms part of a broader strategy under which the Samsung group will invest KRW180 trillion ($160.7 billion) in total over the next three years in capital expenditure and research and development. This will lead to the creation of an additional 15,000 jobs, Samsung said.

The company said its programs to support subcontractors adds up to a whopping 4 trillion won.

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