Samsung Aims to Overcome Biz Hurdles Through 180tln Won Investment

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Samsung is to invest 25 trillion won (£17 billion) in areas such as Artificial Intelligence (AI), 5G and components for connected cars as it seeks to protect itself against smartphone saturation.

The announcement Wednesday by South Korea's biggest business group was welcome news, coming at a time of deepening unease over slowing growth in Asia's fourth largest economy.

In the field of AI, which is becoming a priority for almost every technology company on the planet, Samsung said its aim was to increase its number of AI researchers to about 1,000 globally. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", the statement said.

As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors.

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

The scion of the founding family, Lee was jailed previous year for his part in the graft scandal that brought down former president Park Geun-hye.

Lee kept a low profile after his release in February but has been emerging in his public role in recent weeks.

Overall, Samsung plans to spend 180 trillion KRW (~$160.8 billion) in the next three years on various technologies.

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With about 130 trillion won of the total will be invested in companies in South Korea, and is expected to create 40 thousand jobs, which is 20 thousand more than planned before, said Samsung. The rest will likely be distributed to China, Vietnam and other production lines overseas.

With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move.

"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said.

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