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

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Samsung Electronics, the world's top maker of memory chips and smartphones and the group's flagship company, did not provide a breakdown of the figures but said it will provide the funds for most of the investment.

It represents a six percent increase over the past three years.

The total planned investment of 6% exceeds the volume of investments in the last three years. But its profits have suffered from disappointing sales and slowing demand for some memory chips.

KAZINFORM Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (160 billion US dollars) and hire 40,000 more employees for the next three years.

The company said a substantial slice of the overall investment pie will be earmarked for South Korea itself, and that overall the investment will create some 40,000 new jobs.

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The investments, which will be primarily led by Samsung Electronics, will be used for the company to add artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars. Moon requested Lee to make more investment in Asia's fourth-largest economy that can help fuel employment opportunities.

"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said.

Jay Lee, the vice chairman of Samsung Electronics, is appealing that conviction after being released from jail in February with a suspended sentence. It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases, the company said. Samsung plans to allocate 25 trillion won in such fields. The company also will expand C-Lab, its internal venture incubation program, and work with the Korean government to establish and run software education centers across the country.

Samsung Electronics shares were little changed.

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