Samsung commits £17bn to artificial intelligence and other projects

The spending will boost research and expenditure in artificial intelligence fifth-generation wireless networks bio-pharmaceuticals among other things

The spending will boost research and expenditure in artificial intelligence fifth-generation wireless networks bio-pharmaceuticals among other things

Samsung said about 25 trillion won will be earmarked for futuristic technologies like artificial intelligence, 5G network and autonomous driving that are closely linked to its current chip and electronics businesses, along with its burgeoning biopharmaceutical business.

The Group's flagship company, Samsung Electronics, did not provide a breakdown of the figures.

The South Korean giant has unveiled a three-year, 180 trillion won ($161bn) investment plan in a wide range of areas as it looks to bounce back from recent financial disappointment.

South Korea's Samsung will invest 25 trillion Won ($22.3 billion) in technologies including artificial intelligence (AI) and 5G as it tries to fend off the challenge from worldwide rivals and address investor concern about its long-term prospects. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".

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 the field of artificial intelligence, Samsung hopes to take its researcher base beyond the 1,000 mark across it global AI Centres.

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The South Korean company has prepared a three-year investment plan to expand business.

Samsung has announced a new three-year investment plan, set to be worth $160bn (approximately £124bn).

The €19.25 billion investment is part of a wider KRW180 trillion (€138.64 billion) spend to support capex and research and development. Those areas are seen as Samsung's new growth engines.

Samsung said investing 130 trillion won in Korea alone could help create an additional 700,000 jobs across industries. That news sent shares in contract drugmaker Samsung BioLogics up some 5%. Its de facto leader Lee Jae-yong was convicted of corruption a year ago, but released from prison in February.

This still gives it a market share of 20.6 per cent, but even Samsung acknowledged in its results that sales of its newer devices hadn't been as good as excpected.

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