Samsung Group to invest $22 billion in AI, 5G technologies

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

Samsung Electronics plans to spend a whopping $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.

South Korea's leading business said the latest plan to revitalize the economy and create jobs will be aimed at contributing to the national economy through cooperation among Samsung, small firms and young people.

Samsung expected to create 40,000 new jobs over the next three years.


The company then said it plans to cope with the rising demand due to computers and smartphones, and will expand investment in the local production line as the need for chips will soar down the road as progress is made in AI, 5G, data centers and automotive technologies. The company also made a decision to directly hire 40,000 more employees in the cited period.

It is also facing increasing competition from Chinese rivals Huawei and Xiaomi. (Nasdaq: INTC) and Qualcomm Inc. It will intends to become a global player in the advanced markets for 5G chipsets and related devices and equipment. Still, the company said its chip business continued to do well. Samsung's target is to provide support for 300 external candidates and 200 internal projects in the next five years. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years. Lee was freed after almost a year in jail but former President Park Geun-hye and a close associate remain imprisoned for bribery and other charges.

He has since been released after some of his convictions were quashed on appeal, and is now awaiting a Supreme Court decision. The area accounted for 78.1 percent of the combined operating profit in the second quarter. The weak performance was largely blamed on lackluster smartphone sales.

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