Sunday, 19 August, 2018

Samsung reveals multi-billion dollar tech investment plan

5 stunning stats about Samsung 5 stunning stats about Samsung
Kayla Schwartz | 10 August, 2018, 20:08

It is noted that these attachments are part of the three-year investment plan with a total volume of 180 trillion won, aimed at creating new jobs and providing new sources of growth.

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. The investments will be focused on artificial intelligence, 5G network technology, electric components for cars of the future, and biopharmaceuticals.

The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company.

The company said the investment made locally will have the effect of creating some 700,000 jobs, especially from the chip and display industries.

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. It said both technologies are crucial for the development of autonomous vehicles.

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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. Nearly three-quarters of that investment will be made at home, it said in a statement.

The investment plan comes after South Korea's finance minister met Samsung heir Jay Y.Lee on Monday and called for help in job creation.

Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (about 160 billion USA dollars) and hire 40,000 more employees for the next three years.

"Today's announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments, including Samsung Electronics", said the company in a statement.

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