Sci-tech

Samsung to invest billions in new technology to drive fresh growth

Samsung to invest billions in new technology to drive fresh growth”

The company has been hit by a series of scandals in recent years.

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.

There are plans to increase the number of advanced AI researchers at its AI centres to 1,000 while there will also be an expansion of its semiconductor manufacturing capabilities to cope with demand for AI, 5G, data centre and connected vehicle components.

Those investments would be made in four key areas: artificial intelligence (AI), fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, the company said on Wednesday.

Samsung has revealed it is set to spend billions on new technologies at it looks to keep pace with the likes of Apple and Google. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses.

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

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. The area accounted for 78.1 percent of the combined operating profit in the second quarter.

In order to beef up the competitiveness of local small and medium-sized firms, Samsung said it will assist local firms with adopting smart factory production solutions under cooperation with the Ministry of SMEs and Startups.

Samsung also vowed to lend its support to fostering the country's software industry and providing education programs to 10,000 students over the next five years.

Talented students will receive opportunities to work at overseas research centers under cooperation with Samsung.



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