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Samsung to invest $22 bn in new technology areas

10 August, 2018, 19:24 | Author: Rafael Roberts
  • A woman walks past the logo of Samsung at the company’s showroom in Seoul

The firm has said that $21bn (£17bn) will be invested over the next three years in the areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals in a bid to aid future growth.

The KRW 180 trillion 3-year investment plan, which includes capital spending as well as research and development in chips and displays, marks a 6 percent increase from its spending over the past three years.

The company said: "Samsung 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 company did not indicate how many of its 320,671 employees (as of December 2017) are now involved in AI. (Nasdaq: INTC) and Qualcomm Inc. On the 5G front, it will invest to become a global player in the advanced markets for 5G chipsets and related devices and equipment.

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.


In addition, the company will also expand C-Lab, its internal venture incubator and support 500 projects. 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. Its de facto leader Lee Jae-yong was convicted of corruption previous year, but released from prison in February.

He has since been released after some of his convictions were quashed on appeal, and is now awaiting a Supreme Court decision. The weak performance was largely blamed on lackluster smartphone sales.

Moon pledged to reform outdated practices and abuses in politics and in business and appointed a critic of big conglomerates, known as "chaebols", to lead South Korea's fair-trade commission.

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