Samsung to Pump $22.3B Into AI, 5G, New Tech

Samsung to Pump $22.3B Into AI, 5G, New Tech

Samsung to Pump $22.3B Into AI, 5G, New Tech

Its de facto leader Lee Jae-yong was convicted of corruption a year ago, but released from prison in February.

According to figures from IHS Markit, Samsung's shipments fell 10.8 per cent to 70.8 million during the most recent quarter as the Samsung Galaxy S9 failed to fend off competition from the likes of Huawei.

The remaining monies will go towards investment in display manufacturing facilities as well as fostering external start-up projects, creating up to 40,000 jobs in South Korea.

Those investments would be made in four key areas: artificial intelligence (AI), fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, the company said on Wednesday.

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

In flagging specific areas of investment, the plan is the first of its kind for the conglomerate and suggests more emphasis than usual on expanding into new segments as its core semiconductor and smartphone businesses show signs of weakness.

Samsung said it will also bolster its mainstay chip business, which is already the major source of profit for the company.

Samsung said the announcement followed months of deliberations and review by the management and the board of directors of different Samsung companies, including Samsung Electronics.

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To expand its AI capability, Samsung will be increasing the number of researchers to 1,000 across its global AI centers in the U.K., Canada, Russia, U.S. and South Korea.

The scion of the founding family, Lee was jailed a year ago for his part in the graft scandal that brought down former president Park Geun-hye. Moon requested Lee to make more investment in Asia's fourth-largest economy that can help fuel employment opportunities.

It also highlights that South Korea's decades-old reliance on big businesses for jobs and investments is unlikely to end anytime soon since the country lacks a strong pool of small and medium-sized companies found in Japan or Germany.

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