Published: Sat, August 11, 2018
Industry | By Dora Warner

Samsung to invest billions in artificial intelligence and 5G

Samsung to invest billions in artificial intelligence and 5G

"Today's announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments, including Samsung Electronics", said the company.

Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (about 160 billion USA dollars) and hire 40,000 more employees for the next three years.

Samsung has confirmed that it's going to invest over $20 billion in new growth areas over the next three years.

Samsung said 130 trillion won, or 72 percent of the amount, will be allocated to South Korea.

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"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said.

Samsung has announced a new three-year investment plan, set to be worth $160bn (approximately £124bn).

The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key programmes over the next three years, according to Samsung Electronics Co, the group's crown jewel.

In flagging specific areas of investment, the plan is the first of its kind for the conglomerate and suggests more emphasis than usual on expanding into new segments as its core semiconductor and smartphone businesses show signs of weakness. It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases, the company said.

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Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier. Mr Lee, who has led Samsung since his father fell ill in 2014, denies wrongdoing and has appealed the ruling.

Total sales for April-June fell 4.1 per cent year-on-year to 58.48 trillion won, with revenues for the company's mobile division plunging 22 per cent in the same period.

Investors greeted Wednesday's news with cautious optimism, with Samsung Electronics' shares rising 0.21 per cent to close at 46,800 won.

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