Samsung to put $22 billion in artificial intelligence, autos

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

Samsung Electronics is now the world's largest smartphone-maker but also boasts a very strong semiconductor business that supplies chips to the companies such as Apple.

Samsung expected to create 40,000 new jobs, including generating up to 20,000 additional new jobs on top of the previous hiring plans, over the next three years.

Consumption has slowed, unemployment is rising and investment has cooled since he came to power past year.

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.

Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea's place in industry while advancing its profit.

South Korea's Samsung will invest 25 trillion Won ($22.3 billion) in technologies including artificial intelligence (AI) and 5G as it tries to fend off the challenge from global rivals and address investor concern about its long-term prospects.

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"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul.

Samsung said 130 trillion won, or 72 percent of the amount, will be allocated to South Korea.

Vice-chairman Mr Lee met Mr Moon at the Indian factory's opening this year, his first meeting with the nation's leader since Mr Lee was released in February on a suspended jail sentence for a graft conviction. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".

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

"Kim's visit to Samsung. showed the momentum for chaebol reform has been all but lost", he said.

Investors greeted Wednesday's news with cautious optimism, with Samsung Electronics' shares rising 0.21 per cent to close at 46,800 won.

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