Samsung Announces $22 Billion Investment In Breakthrough 5G And AI Initiatives

Samsung Announces $22 Billion Investment In Breakthrough 5G And AI Initiatives

As part of the investment, the South Korean.

Samsung Group on August 8 unveiled a whopping 180 trillion won (US$160 billion) investment plans, including 50 trillion won overseas, over the next three years in response to the government's growing calls for the nation's largest conglomerate to play a bigger role in economic recovery and job creation. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics. Of the total, 130 trillion won ($116 billion) will be spent in Korea to create 40,000 jobs, twice as much as initially planned. The figure translates into around 43 trillion won annually, which is similar to Samsung's record high facility investment of 43.4 trillion won made a year ago. Samsung expected to create 40,000 new jobs over the next three years.

It will also develop a range of system-on-chips for autonomous driving based on its semiconductor, telecoms and display technologies products, as well as build new chipsets to support AI, 5G and data centres.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses. A new KRW110 billion ($98.2 million) fund, to be set up with the South Korea government, will provide funding for as many as 2,500 small and midsized enterprises for the next five years.

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.

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The announcement sent shares in contract drugmaker Samsung BioLogics (207940.KS) up 7 percent.

After being freed from prison early this year, the Samsung heir returned to the management but maintained a low profile mostly staying overseas for business meetings.

This still gives it a market share of 20.6 per cent, but even Samsung acknowledged in its results that sales of its newer devices hadn't been as good as excpected.

South Korean voters tired of scandals and critical of big businesses like Samsung elected President Moon to replace Park after she was ousted.

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