Samsung announces three-year $160bn investment plans


In particular, the South Korean group plans to invest in the development of artificial intelligence, mobile communications technology 5G, electronic components for automobiles and bio-pharmaceutical business. Samsung said it will recruit some 1,000 researchers for its South Korea-based AI research center going forward.

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".

Along with the direct employment of Samsung, its investment in South Korea was forecast to help induce around 700,000 jobs in related industries and businesses, the statement noted.

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Considering Samsung has been cautious about commenting on its reentry into the vehicle business, the report said, creating the new team could hint at a strategic shift at the Korean tech giant. Those areas are seen as Samsung's new growth engines. "But Samsung can be more active in M&As to do better at AI or 5G, when Lee is fully back to his business", Greg Roh, an analyst at Hyundai Motor Securities, said.

Today's update comes after the company reported an operating profit of KRW14.87 trillion ($13.3 billion) for its second quarter, down 5% sequentially but up 6% year-on-year.

The three-year investment plan, announced shortly after Samsung Electronics Co.

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No company in South Korea can match Samsung's scale in investment or job creation.

It is noted that these attachments are part of the three-year investment plan with a total volume of 180 trillion won, aimed at creating new jobs and providing new sources of growth.

The company said the program will be provided in around five cities throughout the country, starting with a thousand students in the first year.

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