Samsung to invest billions in artificial intelligence and 5G

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

The numbers being proposed are much higher than the 25,000 the company hired in the recent three years. The company has reportedly chose to invest up to $20 billion in futuristic technologies which include artificial intelligence and 5G.

That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters.

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

"Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies". Nearly three-quarters of that investment will be made at home, it said in a statement. "But Samsung can be more active in M&As to do better at AI or 5G, when Lee is fully back to his business", Greg Roh, an analyst at Hyundai Motor Securities, said.

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

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

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

No company in South Korea can match Samsung's scale in investment or job creation.

Of the total, 130 trillion won will be spent in South Korea, and is expected to create 40,000 jobs, or 20,000 more than its previous hiring plans, Samsung said.

Samsung made the announcement to help revitalize the South Korean economy and foster new growth engines, Xinhua reports.

The company said its programs to support subcontractors adds up to a whopping 4 trillion won.

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

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