Samsung Electronics to invest 180 tln won over next 3 years

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

Samsung announces multi-billion dollar investment in AI, 5G, and more

Ltd. (Korea: SEC) reported its first sequential decline in quarterly profits, will also target automotive electronics components and biopharmaceuticals, said the company in a statement. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years.

The 180 trillion won plan includes capital spending as well as research and development in chips and displays and marks a 6 percent increase from its spending over the past three years.

"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses". Still, the company said its chip business continued to do well.

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.

Samsung Electronics is now the world's largest smartphone-maker but also boasts a very strong semiconductor business that supplies chips to the companies such as Apple.

To expand its AI capability, Samsung will be increasing the number of researchers to 1000 across its global AI centres in the UK, Canada, Russia, US and South Korea.

"Samsung aims to lead efforts to foster a vibrant ecosystem for innovations and growth, leveraging its technology and decades of experiences in creating successful businesses", the company said.

Lee was freed after almost a year in jail but former President Park Geun-hye and a close associate remain imprisoned for bribery and other charges.

With his case to be reviewed by the Supreme Court, coupled with incumbent President Moon Jae-in's drive to impose tougher restrictions on family-controlled conglomerates, industry watchers said Lee sought to recover the group's public reputation and build a better relationship with the government through the investment.

The 130 trillion won investment in the nation is expected to have an effect of creating 700-thousand jobs.

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