Published: Sat, August 11, 2018
Industry | By Kenny Hampton

Samsung To Spend $22 Billion On AI, Auto Tech, 5G 08/08/2018

Samsung To Spend $22 Billion On AI, Auto Tech, 5G 08/08/2018

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 auto components.

The three-year investment plan, announced shortly after Samsung Electronics Co. The new investment plan follows the overhaul of the group's management at the end of 2017 and comes in the face of slowing sales at its biggest earner in recent years, smartphones. The company did not indicate how many of its 320,671 employees (as of December 2017) are now involved in AI.

Samsung, which earlier acquired US automotive electronics firm Harman International Industries Inc., has been making various progress in this field.

As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors. (Nasdaq: QCOM). Under its latest plans, it is to channel more spending into its manufacturing hubs, including its facility in Pyeontaek, and increase investments in the production of memory chips, non-memory equipment and advanced manufacturing equipment.

Additional investment will be made in semiconductors and display to maintain global leadership, while opening up its venture incubation program to both external and internal start-up projects and providing software training.

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Samsung highlighted that the investment focuses on helping subcontractors and other smaller companies that actually hire the bulk of the country's workforce. The centres will train 10,000 students and job candidates, and provide employment consulting services for the next five years.

Samsung financing will be extended to a larger number of subcontractors, with KRW4 trillion ($3.6 billion) to be made available in total through supplier support programs.

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

Moon pledged to reform outdated practices and abuses in politics and in business and appointed a critic of big conglomerates, known as "chaebols", to lead South Korea's fair-trade commission.

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