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Samsung to invest 160 bln Dollars, hire 40,000 for next 3 years

10 August, 2018, 19:27 | Author: Tara Roberts
  • Samsung to invest $22 billion into new growth areas like A.I. and 5G

The company said a substantial slice of the overall investment pie will be earmarked for South Korea itself, and that overall the investment will create some 40,000 new jobs. He is appealing the conviction. But even by Samsung's standard, the size of the investment announced Wednesday was huge. "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.

With his case to be reviewed by the Supreme Court, coupled with incumbent President Moon Jae-in's drive to impose tougher restrictions on family-controlled conglomerates, industry watchers said Lee sought to recover the group's public reputation and build a better relationship with the government through the investment.

Samsung Electronics, the world's top maker of memory chips and smartphones and the group's flagship company, did not provide a breakdown of the figures but said it will provide the funds for most of the investment.

In a bid to further expand its artificial intelligence capabilities, Samsung will be hiring over 1,000 AI researchers which will be placed in its global AI centers located in the United States, United Kingdom, Canada, Russia, and South Korea.

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Considering Samsung has been cautious about commenting on its reentry into the auto business, the report said, creating the new team could hint at a strategic shift at the Korean tech giant.

Samsung made the announcement to help revitalize the South Korean economy and foster new growth engines, Xinhua reports. Shares in the group's information technology services affiliate Samsung SDS (018260.KS) rose almost 6 percent.

The 180 trillion won plan includes capital spending as well as research and development in chips and displays and marks a 6 percent increase from its spending over the past three years. It also highlights that South Korea's decades-old reliance on big businesses for jobs and investments is unlikely to end anytime soon since the country lacks a strong pool of small and medium-sized companies found in Japan or Germany.

In addition to components for devices, Samsung also sees 5G as a chance to transform its network equipment division into a major player that can compete with Ericsson, Huawei and Nokia. He signed off on an $8 billion purchase of US -based Harman International in 2016.

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