Samsung to invest billions in artificial intelligence and 5G

Samsung to invest billions in artificial intelligence and 5G

Samsung to invest billions in artificial intelligence and 5G

Samsung Group has a three-year investment plan of 180 trillion won ($167 billion).

The latest funding will also be used to develop electronic components for cars and advance its biopharmaceuticals business.

In the field of AI, which is becoming a priority for almost every technology company on the planet, Samsung said its aim was to increase its number of AI researchers to about 1,000 globally.

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. 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.

Reflecting rising calls for family-controlled conglomerates to make more social contributions in South Korea, Samsung also said its new investment plan will go a long way toward creating more jobs. The company also made a decision to directly hire 40,000 more employees in the cited period. However, it told Reuters that "it will provide most of the investment".

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Samsung, which earlier acquired US automotive electronics firm Harman International Industries Inc., has been making various progress in this field.

Vice-chairman Mr Lee met Mr Moon at the Indian factory's opening this year, his first meeting with the nation's leader since Mr Lee was released in February on a suspended jail sentence for a graft conviction. The platform will benefit 500 projects - 300 external candidates and 200 inside the company - in the next five years to encourage innovations and entrepreneurship.

Lee has sought to expand Samsung's business into automotive electronics components.

The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company. Sales were down 4%, to KRW58.48 trillion ($52.2 billion), compared with the year-earlier period. Samsung said it will recruit some 1,000 researchers for its South Korea-based AI research center going forward.

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