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

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

"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.

The investment is part of a broader KRW 180 trillion (roughly Rs. 11 lakh crores) package South Korea's biggest business group is planning to spend over the period to create jobs and secure new growth areas, as its core semiconductor and smartphone businesses weaken.

Nearly three quarters of the investment will be made directly into South Korean businesses, and will create an estimated 40,000 jobs in the country.

A new set of initiatives will see Samsung become a leading force in building and energising the ecosystem of innovative businesses for the digital economy, opening up a venture incubation programme to both external and internal start-up projects.

Samsung, which earlier acquired USA automotive electronics firm Harman International Industries Inc., has been making various progress in this field.

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.

It forms part of a broader strategy under which the Samsung group will invest KRW180 trillion ($160.7 billion) in total over the next three years in capital expenditure and research and development.

But the expansion drive has since stalled after the political scandal that led to Lee's conviction and a shake up of top management.

On the education front, the company is setting up a number of software education centers in South Korea, offering training and "employment consulting" to about 10,000 students and job candidates.

In order to beef up the competitiveness of local small and medium-sized firms, Samsung said it will assist local firms with adopting smart factory production solutions under cooperation with the Ministry of SMEs and Startups.

The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent.

The company said the program will be provided in around five cities throughout the country, starting with a thousand students in the first year.

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