Published: Fri, August 10, 2018
Electronics | By Kelly Massey

Samsung reveals multi-billion dollar tech investment plan

Samsung reveals multi-billion dollar tech investment plan

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.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses.

With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move.

South Korea's leading business said the latest plan to revitalize the economy and create jobs will be aimed at contributing to the national economy through cooperation among Samsung, small firms and young people.

Lee was released from jail earlier in 2018 after a year in detention on bribery charges, lifting hopes among some investors that Samsung will hike investments and create jobs.

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".

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The announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments. The company's move came as the sector calls for top-notch chip and display technologies, in which Samsung enjoys an edge over rivals.

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.

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

Calling this goal an "open innovation", the company said it will raise a 100-billion won fund to roll out various programs centering on expanding cooperation with professors and institutions.

The company plans to foot 60 billion won of the total to be spent.

This still gives it a market share of 20.6 per cent, but even Samsung acknowledged in its results that sales of its newer devices hadn't been as good as excpected. The trainees will be able to share the company's vast technology know-how. The students will be provided with subsidies as well.

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