Samsung Investing $20 Billion In Futuristic Technologies

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

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

The Samsung logo is seen in Seoul, South Korea, March 23, 2018.

Its de facto leader Lee Jae-yong was convicted of corruption a year ago, but released from prison in February.

He has since been released after some of his convictions were quashed on appeal, and is now awaiting a Supreme Court decision.

"The total investment size is not surprising".

The company said it will further strengthen ties with smaller businesses and roll out various projects to seek shared growth.

Samsung Electronics said the announcement followed "many months of deliberations and review" by the group.

To expand its AI capability, Samsung will be increasing the number of researchers to 1,000 across its global AI centers in the U.K., Canada, Russia, U.S. and South Korea.

Samsung is making a big push on automotive parts business since the unit was set up in December 2015.

"Today's announcement shows Samsung is serious in its efforts to develop new growth engines" at a time when its semiconductor business and mobile sector are both facing mounting competition from Chinese rivals, Greg Roh of HMC Securities & Investment told AFP. Shares in the group's information technology services affiliate Samsung SDS rose 5 percent.

Samsung Electronics shares were little changed.

All-in-all, Samsung expects to create 40,000 new jobs over the next three years, which includes creating 20,000 new jobs on top of previous hiring plans - it said this shows Samsung's commitment to support youth employment.

The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan.

South Korean voters tired of scandals and critical of big businesses like Samsung elected President Moon to replace Park after she was ousted.

"Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies".

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