Samsung plans $22 billion for artificial intelligence, autos

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

Through such investments, Samsung plans to foster AI, 5G, biotechnology and electronic components as key future growth engines.

The wave of cash will also beef up Samsung's biopharmaceutical wing, the company said.

There are plans to increase the number of advanced AI researchers at its AI centres to 1,000 while there will also be an expansion of its semiconductor manufacturing capabilities to cope with demand for AI, 5G, data centre and connected auto components.

The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company.

It said the group plans to significantly expand artificial intelligence (AI) research capability, increasing the number of advanced AI researchers to 1,000 across its global AI centers, and heavily invest in biopharmaceuticals.

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The South Korean giant has unveiled a three-year, 180 trillion won ($161bn) investment plan in a wide range of areas as it looks to bounce back from recent financial disappointment.

Lee was freed after almost a year in jail.

"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", stated the Samsung investment announcement.

When Lee met Finance Minister Kim Dong-yeon earlier this week, the vice chairman said Samsung will focus on developing competitive technologies to make contributions to society.

Chung said reformist President Moon Jae-in's campaign to clip the wings of the country's powerful family-run conglomerates, known as chaebols, appeared to be losing steam in the face of stonewalling business groups which are "wielding prospects for investment as their weapons". Most of that investment - about 130 trillion won of the total - will be spent in South Korea, the company said without giving further breakdowns.

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