Samsung to plug $160bn into new technology in major growth push

11 August, 2018, 21:30 | Author: Kristen Mcgee
  • 5 stunning stats about Samsung

Samsung also said it expects to create about 40,000 new jobs over the next three years. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.

25 trillion won ($22 billion) out of the grand amount will be used for investments in artificial intelligence, 5G mobile technology, electronic components for autos, and the biopharmaceutical business. Of that total, 130 trillion won will stay in South Korea, the company said.

Samsung Electronics is now the world's largest smartphone-maker but also boasts a very strong semiconductor business that supplies chips to the companies such as Apple. The figure translates into around 43 trillion won annually, which is similar to Samsung's record high facility investment of 43.4 trillion won made past year.

The KRW 180 trillion 3-year investment plan, which includes capital spending as well as research and development in chips and displays, marks a 6 percent increase from its spending over the past three years. Those areas are seen as Samsung's new growth engines. Alongside direct employment, the investment is expected to help create 700,000 new jobs in related industries and businesses.

Prison for couple after boy repeatedly raped and sold for sex online
A Spanish man was on Monday (Aug 6) sentenced by the court to 10 years behind bars for repeatedly sexually abusing the young boy. They charged several thousand euros (dollars) for each instance of abuse, filmed the acts and posted them on the dark net.

Samsung is also determined to take a leading position in the 5G next-generation communications standard, where it faces competition from USA chipmakers like Intel Corp. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".

The South Korean tech giant said the latest investment centers on building up its artificial intelligence, fifth-generation network, bio and automotive operations through the investment plan announced earlier in the day. The platform will benefit 500 projects - 300 external candidates and 200 inside the company - in the next five years to encourage innovations and entrepreneurship. That news sent shares in contract drugmaker Samsung BioLogics up some 5%.

The scion of the founding family, Lee was jailed a year ago for his part in the graft scandal that brought down former president Park Geun-hye.

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