Friday, 17 August, 2018

Samsung to put $22 billion in Artificial Intelligence, autos and other businesses

Samsung to invest $22 billion into new growth areas like A.I. and 5G Samsung announces multi-billion dollar investment in AI, 5G, and more
Roberta Sherman | 10 August, 2018, 19:28

Samsung plans to invest $22 billion in artificial intelligence, automotive technology and 5G development.

Samsung said it will also bolster its mainstay chip business, which is already the major source of profit for the company.

As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses.

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.

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The announcement has had little impact on Samsung's share price but should be welcomed by investors anxious about the lack of strategic direction since the conviction of group heir Jay Lee on bribery charges past year.

Lee kept a low profile after his release in February but has been emerging in his public role in recent weeks.

Samsung is also looking to be a front runner in the 5G race.

All-in-all, Samsung expects to create 40,000 new jobs over the next three years, which includes creating 20,000 new jobs on top of previous hiring plans - it said this shows Samsung's commitment to support youth employment. The rest will likely be distributed to China, Vietnam and other production lines overseas.

"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. But even by Samsung's standard, the size of the investment announced Wednesday was huge.

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Samsung Electronics said the announcement followed "many months of deliberations and review" by the group.

The Samsung logo is seen in Seoul, South Korea, March 23, 2018.

Such moves raised hopes for change, but more than a year after taking office Moon's administration is facing mounting criticism over its handling of the economy.

Although demand for its memory chips remains robust, the market for its smartphones appears to have hit a wall, prompting the company to search for fresh growth opportunities.

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