Samsung Announces $22 Billion Investment In Breakthrough 5G And AI Initiatives

Samsung will put more than $22 billion toward tech like AI and 5G.                  Jung Yeon-je  AFP  Getty Images

Samsung Electronics said it will invest aggressively in the fifth-generation network technology, which is anticipated to contribute to the growth of self-driving cars, Internet of Things solutions and robotics.

The firm expects to create 40,000 new jobs over the next three years while the investment in Korea is expected to help induce approximately 700,000 jobs in related industries and businesses.

Samsung Electronics will primarily fund $22bn of that investment to underpin research into artificial intelligence (AI), 5G connectivity, electronic components for automotives and biopharmaceuticals. AI seems to be the main concern.

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 vehicle components.

The Group's flagship company, Samsung Electronics, did not provide a breakdown of the figures.

"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.

The total planned investment of 6% exceeds the volume of investments in the last three years.

South Korea relies heavily on Samsung and its affiliated companies for investment and jobs, even after a corruption scandal that resulted in Lee's conviction for bribery.

Samsung added that 4 trillion won will be spent on seeking shared growth with subcontractors.

The scion of the founding family, Lee was jailed previous year for his part in the graft scandal that brought down former president Park Geun-hye. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years.

The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent. Samsung Electronics' share price closed this morning flat.

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