Samsung plans $22 billion for artificial intelligence, autos

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

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

There are plans to increase the number of advanced AI researchers at its AI centres to 1,000 while there will also be an expansion of its semiconductor manufacturing capabilities to cope with demand for AI, 5G, data centre and connected auto components.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years.

The company is one of the largest employers in South Korea, and is seen as one of the nation's shining lights to the rest of the world - a reputation that was severely damaged previous year when company heir Jay Y.Lee was imprisoned on bribery charges.

Including the latest plan, spending by Samsung Electronics and its affiliates on research and development and capital expenditures over the next three years will amount to 180 trillion won ($161 billion), Samsung said. Most of that investment - about 130 trillion won of the total - will be spent in South Korea, the company said without giving further breakdowns.

Overall, Samsung's investment plan is set to create 40,000 jobs across its various businesses.

Everton Sign Andre Gomes
When I found out about this opportunity and what the manager wanted out of me I was happy. "I did not need any convincing to come here".

Samsung highlighted that the investment focuses on helping subcontractors and other smaller companies that actually hire the bulk of the country's workforce. In 2010, under the leadership of Lee's father, Lee Kun-hee, who was then in charge of the group, Samsung had said it would spend 23 trillion won over the following 10 years on future businesses.

The government under South Korean President Moon Jae-in placed its top priority on job creation, especially among youths, unveiling supplementary budget to create decent jobs.

Samsung is South Korea's biggest conglomerate and the world's biggest smartphone maker.

The company's investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung's importance in Asia's fourth-largest economy.

Latest News