Samsung Announces $22 Billion Investment In Breakthrough 5G And AI Initiatives

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

The South Korean tech giant said it chose to expand investment to revitalize the national economy and foster new growth engines.

Samsung Group said Wednesday that it planned to spend $22 billion to pursue new technology in areas like 5G mobile technology and artificial intelligence. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.

The firm will inject 130 trillion won in its domestic operations, particularly in its key production bases in a bid to be prepared for a surge in demand for artificial intelligence (AI) and fifth generation (5G) network services.

Along with the direct employment of Samsung, its investment in South Korea was forecast to help induce around 700,000 jobs in related industries and businesses, the statement noted.

Samsung Electronics, the world's top maker of memory chips and smartphones and the group's flagship company, did not provide a breakdown of the figures but said it will provide most of the investment.

In AI, Samsung plans to significantly expand its research capability, increasing the number of advanced AI researchers to 1,000 across its global AI Centers.

More news: US can't be trusted, Iran's Rouhani tells North Korea

The investment is part of a wider $160bn push by Samsung to create new jobs, expertise and revenue under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.

In addition, Samsung said it aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, building on its activities in semiconductors, telecommunications and display technologies.

"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses".

Lee was freed after almost a year in jail.

The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent. Samsung Electronics' share price closed this morning flat.

South Korean voters tired of scandals and critical of big businesses like Samsung elected President Moon to replace Park after she was ousted.

Related News:



Most liked

Trump announces 'doubling' of tariffs on steel, aluminum on Turkey
Ted Lieu (D-Calif.), who has voiced support for impeaching the president, tweeted Friday , "On this I agree with [ Trump ]". On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".

Five key trends of the Premier League transfer window
The deadline also applied to English Football League clubs - although they can still sign free agents and loan players until 31 August.

Lucas Perez: West Ham sign Spanish striker from Arsenal
Former Arsenal favourite Jack Wilshere revealed the club's capture of Lucas Perez on social media. West Ham has great fans and plays in an fantastic stadium, so to sign here brings me great joy.

Melania Trump’s parents sworn in as USA citizens
She attended high school in the Slovenian capital, Ljubljana, and changed her name to Melania Knauss when she started modelling. First lady Melania Trump's parents are finally United States citizens after years of living under communist rule in Slovenia.

Jack Grealish has been told he will not be leaving Aston Villa
Then with Brexit it's worse because the cost is 30 per cent more. "I am so happy in the way they came back", said the Argentinian. "It maybe looks bad [not to sign anyone] because of the perception and because of the history of football, but that is our decision - to keep the best players and to keep the squad".

Tesla take-private skepticism grows after Elon Musk's funding claim
Musk owns an nearly 20 per cent stake in Tesla, meaning he'd still need roughly $70 billion in financing to take Tesla private. Musk owns about 20 percent of the Palo Alto, California, company's stock, so that likely would reduce the cost of the buyout.

Ruby Rose makes history as lesbian superhero Batwoman
Often, writers have taken existing characters ― like "X-Men" superhero Iceman ― and given them an LGBTQ-inclusive origin story. As the Batwoman creators wanted for the role, Ruby is an out lesbian, who also considers herself gender fluid .

Oscars introduce new award for outstanding popular film
This is likely to get out of the way of some of the other awards ceremonies that take place around that time. The 92nd Oscars telecast will move to Sunday, February 9, 2020, from the previously announced February 23.

Gates admits he cheated on wife at Manafort trial
Downing pressed him on the specifics of their business relationship: which payments to Gates were authorised and which were not. On Tuesday , Gates did connect one part of the bank fraud charges against Manafort to his role in the Trump campaign.

Blend of novices, veterans to fly on first private USA spaceships
They will mark the first astronaut launches from United States soil since the 2011 retirement of the Space Shuttle fleet . Prior to their maiden crewed missions, both Boeing and SpaceX plan uncrewed test flights in late 2018 or early 2019.

NY congressman charged with insider trading
The charging documents portray a scramble by the congressman and others in the wake of bad news about the drug trial. The New York Republican's son avoided $570,000 (£442,000) in losses thanks to the tip-off, says the indictment .

China lashes out at Trump’s trade policy
The result is that both China and the USA are now using government funds to stimulate areas of the economy . The US widened the tax net to cover Mexico, Canada , the European Union and India.

Actor Steven Seagal appointed Russian ministry’s ‘special representative’
Seagal's grandmother was born in Vladivostok, and the actor and Putin share a passion for martial arts. The two countries are also at odds over Syria and Ukraine.

Charlotte Rae, 'Facts of Life' Star, Dead at 92
Rae revealed past year that she had bone and pancreatic cancer, but a cause of death was not immediately revealed. The actress was nominated for two Tony awards and received an an Emmy nomination in 1975 and again in 1982.

Alderweireld to tell Spur's: It's Man United or nothing
Alderweirald had a curtailed season a year ago with the Spurs due to injury, but was very impressive in the World Cup which led to the rumours of his departure.