Samsung To Spend $22 Billion On AI, Auto Tech, 5G 08/08/2018

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

The investment will be primarily led by Samsung Electronics, the world's biggest maker of memory chips, which has faced a string of setbacks in recent years, including a fall in smartphone sales and a corruption scandal that saw its vice-chairman Lee Jae-yong jailed last year.

Overall, Samsung plans to spend 180 trillion KRW (~$160.8 billion) in the next three years on various technologies.

The investment plan comes after South Korea's finance minister met Samsung heir Jay Y.Lee on Monday and called for help in job creation.

The company said it "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".

With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move. That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters.

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The announcement has had little impact on Samsung's share price but should be welcomed by investors anxious about the lack of strategic direction since the conviction of group heir Jay Lee on bribery charges a year ago. He is appealing the conviction. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", it said in a statement.

Samsung Electronics said the announcement followed "many months of deliberations and review" by the group. Samsung plans to allocate 25 trillion won in such fields.

The company then said it plans to cope with the rising demand due to computers and smartphones, and will expand investment in the local production line as the need for chips will soar down the road as progress is made in AI, 5G, data centers and automotive technologies.

Samsung Electronics shares were marginally down in afternoon trade against a flat Kospi index.

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