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

Share
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.

Share

Advertisement

Related Posts

Cam Newton, Kelvin Benjamin speak prior to preseason game
Then the responses, which weren't very kind to the Buffalo star, in general, although Benjamin scored a first quarter touchdown and jumped into the stands to celebrate.

Tottenham Hotspur: Georges-Kevin N'Koudou goal defeats AC Milan
Tottenham put him in against Barcelona in pre-season alongside fellow youngster Luke Amos and the pair held their own, in a game which ended a 2-2 draw.

Rare fire tornado caught on film during United Kingdom industrial blaze
The "firenado" swept across the fields near the factory, as the fire sent dark plumes of smoke into the sky on Monday. Thick black smoke from thousands of plastic pallets on fire could be seen across the East Midlands .

Malaysian ex-PM Najib charged with money laundering
The new government reopened the investigations stifled under Mr Najib's rule and barred him and his wife from leaving the country. Najib and his allies are accused of plundering billions of dollars from 1MDB to buy everything from U.S. real estate to artworks.

Baker Mayfield shines during his Browns debut
On the first series of the fourth quarter, he hit fellow rookie Antonio Callaway on third and four for a 54-yard touchdown pass. Barkley is an extremely talented player, but that doesn't mean much without the proper execution.

Jose Mourinho makes cryptic Manchester United Premier League title prediction
However, the transfer window has ended and the Red Devils didn't bring in a single extra player to the aforementioned names. United begin their Premier League campaign at home to Leicester later today (8pm).

Jose Mourinho: Man Utd boss 'not confident' of deadline day signing
Jose Mourinho has revealed that several key players will be missing in Friday's Premier League opener against Leicester City at Old Trafford.

Pochettino hints Brexit influenced Spurs' lack of transfers
But when it is not possible, why create a problem that can only disturb or not help the club and team-mates? But once you can not change anything, then you need to change your mindset and think about the team.

China denies entry to Disney's Winnie the Pooh film
The movie stars Ewan McGregor as a grown up Christopher Robin who is reunited with his childhood friends for another adventure. Chinese authorities immediately censored the meme after it became viral on social media.

Two Hamas Terrorists Dead as Israel Returns Fire from Gaza
But Hamas said its fighters were taking part in a live-fire exercise and that Israel would pay for their deaths. Tensions have soared since Hamas launched mass protests along the border in March.

© 2015 ExpressNewsline. All Rights reserved.