Samsung to spend $A30 billion on AI

10 August, 2018, 19:23 | Author: Sammy Rose
  • Samsung to invest $22 billion into new growth areas like A.I. and 5G

In particular, the South Korean group plans to invest in the development of artificial intelligence, mobile communications technology 5G, electronic components for automobiles and bio-pharmaceutical business.

Samsung, South Korea's biggest conglomerate, plans to invest 180-trillion won ($161bn) to ramp up its ability to produce memory chips and other products vital to future growth, lending its support to President Moon Jae-in's efforts to shore up a slowing economy.

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.

Samsung Electronics said it will invest aggressively in the fifth-generation network technology, which is anticipated to contribute to the growth of self-driving cars, Internet of Things solutions and robotics.

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.

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The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company. The area accounted for 78.1 percent of the combined operating profit in the second quarter. This will lead to the creation of an additional 15,000 jobs, Samsung said.

The company said it expected to add 40,000 new jobs over the next three years, in news that will likely bring relief to South Korea's government which is now struggling with high youth unemployment.

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.

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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