Samsung to put $22 billion in artificial intelligence, autos

Samsung to put $22 billion in artificial intelligence, autos

A woman walks past the logo of Samsung at the company's showroom in Seoul on July 31, 2018.

The South Korean conglomerate said in a statement on Wednesday that it would invest 25 trillion won ($22 billion) in four areas over three years.

The Group's flagship company, Samsung Electronics, did not provide a breakdown of the figures. Youth unemployment rates are at historic highs and exports, apart from the booming memory chip sector, have been slow to recover.

The electronics company, which is also to explore biopharmaceuticals as part of its new plans, said it would double the number of employees it planned to hire over the next few years to 40,000.

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 worldwide rivals and address investor concern about its long-term prospects.

The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key programmes over the next three years, according to Samsung Electronics Co, the group's crown jewel. Moon requested Lee to make more investment in Asia's fourth-largest economy that can help fuel employment opportunities. Lee was freed after almost a year in jail but former President Park Geun-hye and a close associate remain imprisoned for bribery and other charges. He is appealing the conviction.

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Critics say Kim's meeting with Lee may send a wrong signal to the court that the government backs leniency for the beleaguered businessman. This will lead to the creation of an additional 15,000 jobs, Samsung said.

Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier.

Samsung has been one of the most profitable tech companies on the planet in recent years.

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

Samsung Electronics stocks traded flat.

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