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

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

Samsung Group said Wednesday that it planned to spend $22 billion to pursue new technology in areas like 5G mobile technology and artificial intelligence.

The 130 trillion won investment in the nation is expected to have an effect of creating 700-thousand jobs.

Samsung said about 25 trillion won will be earmarked for futuristic technologies like artificial intelligence, 5G network and autonomous driving that are closely linked to its current chip and electronics businesses, along with its burgeoning biopharmaceutical business. AI seems to be the main concern.

AI is set for a particularly high investment, with Samsung set to expand the number of researchers in its various research centres across the world to over 1,000.

The announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments.

As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors.

More news: Manchester United wanted to pay £100m plus for Rafael Varane

It forms part of a broader strategy under which the Samsung group will invest KRW180 trillion ($160.7 billion) in total over the next three years in capital expenditure and research and development. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses.

Samsung said it already helped 1,086 companies adopt smart factory solutions from 2015 through 2017, with the beneficiaries observing an average 5.5 percent increase in their sales. Its de facto leader Lee Jae-yong was convicted of corruption previous year, but released from prison in February.

The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent. Samsung Electronics' share price closed this morning flat.

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.

Related News:



Most liked

DOOM Eternal Lets You Take Over Demons and Invade People’s Campaigns
The lengthy gameplay demo was part of a keynote delivered at Quakecon, the annual showcase for all things id (and Bethesda ). Of course, the footage was packed with a variety of terrifying new demon types, including a teased boss encounter.

Trump's new tariffs on Turkey are actually benefiting Russian Federation
Erdogan also warned that Turkey could start looking for new allies if Washington damaged its relations with Ankara. Lindsay Graham of SC , said Trump's decision was retaliation against Turkey for not releasing Brunson.

Stolen Seattle airport plane does stunts while being chased by fighter jets
Video footage on social media showed the plane flying above the Seattle area with an F15 fighter jet following it. The plane was stolen at around 8 pm (0300 GMT Saturday) and crashed 90 minutes later, officials said.

West Ham Land Perez on Three-Year Deal from Arsenal
Perez scored seven times in 21 appearances for Arsenal , including a hat-trick in the Champions League away to Basel . The Hammers have been leading the way, with Manuel Pellegrini looking to continue a busy summer of spending.

José Mourinho does not expect any Manchester United deadline-day signings
Any hope with which Manchester United supporters woke up on transfer deadline day has quickly been quashed by Jose Mourinho . He was also asked a follow-up question to clarify that there would be no incomings or outgoings throughout the day.

Oil prices drop due to higher supply, Russian Federation
For the past week, crude imports averaged 7.9 million barrels a day, up by 182,000 compared with the previous week. Official US fuel storage data is due later on Wednesday from the Energy Information Administration (EIA).

Melania Trump’s parents Viktor and Amalija Knavs become U.S. citizens
Their lawyer said the couple had met the five-year requirement, but added, "I can't give further comment". Michael Wildes, the couple's immigration lawyer, confirmed they took the oath of citizenship on Thursday.

Tottenham's Mauricio Pochettino happy with squad despite no signings
It's about if you really need them or not and then if you can get your target or not. They need to give their best. "I am not anxious , I am not sad, I am so happy".

Elon Musk isn't kidding, Tesla board confirms TSLA could go private
Musk owns an nearly 20 per cent stake in Tesla, meaning he'd still need roughly $70 billion in financing to take Tesla private . Tesla stock, which has been on the rise for days, skyrocketed after the tweet and ended Tuesday up 11%.

Star witness Rick Gates to testify for third day in Manafort trial
Gates also said he may have submitted personal expenses for reimbursement by Trump's inaugural committee, which he helped operate. Manafort's political work included advising Viktor Yanukovich on policy after he won the Ukrainian presidency, Gates said.

Here's How The Bachelorette Is Handling Garrett's Social Media Scandal
Blake, ever the gentleman, told Becca she had nothing to say sorry for and that he wanted her to be happy. She told him, "You have been the most solid, constant relationship and one that I could turn to anytime".

Matteo Kovacic set to sign on loan from Real Madrid
After a dream tournament, it was expected that the former Tottenham player would return to Real Madrid's midfield. He'll be happy with the proposal he receives here.

European Union firms in Iran caught between United States and Europe
Rouhani, who has denounced Trump's decision to quit the accord, is expected to address his nation later on Monday. Severe reporting restrictions have made it impossible to verify the swirl of claims coming through social media.

Manchester United's move for Barcelona's Yerry Mina cancelled
Although he will have to fight for a place given United's resources in central defence. The Old Trafford unit believe that they will get their target inside the next 48 hours.

Russia's Novak: Higher oil production in July aimed at market stability
West Texas Intermediate ( WTI) crude futures were at $68.87 per barrel at 0647 GMT, down 9 cents from their last settlement. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.1 percent to $68.89 per barrel.