Samsung announces multi-billion dollar investment in AI, 5G, and more

Samsung to invest $22 billion into new growth areas like A.I. and 5G

South Korea's Samsung Group on Wednesday (Aug 8) said it would invest US$22 billion (S$30 billion) over the next three years in cutting-edge technology including artificial intelligence, self-driving cars and biopharmaceuticals, as it searches for ways to drive future growth.

Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea's place in industry while advancing its profit. The company did not indicate how many of its 320,671 employees (as of December 2017) are now involved in AI.

Aside from this focused investment, Samsung will actually be investing a total of $161 billion over the next three years.

As part of the investment, the South Korean.

The company said it wants to allocate considerable amount of funds in critical sectors, with artificial intelligence being especially significant for the fourth-industrial revolution. Samsung plans to allocate 25 trillion won in such fields.

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The wave of cash will also beef up Samsung's biopharmaceutical wing, the company said.

Samsung will moreover forge ties with the Ministry of SMEs and Startups to raise 110 billion won over the next five years to help 2,500 companies adopt smart-factory solutions in their production lines.

"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said.

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.

Of the total, KRW 130 trillion (around Rs. 7.97 lakh crores) will be spent in South Korea, and is expected to create 40,000 jobs, or 20,000 more than its previous hiring plans, Samsung said.

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