Samsung Electronics plans to spend $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.
Samsung has confirmed that it's going to invest over $20 billion in new growth areas over the next three years. Youth unemployment rates are at historic highs and exports, apart from the booming memory chip sector, have been slow to recover.
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Well, the South Korean electronic giant announced plans to invest 25 trillion South Korean won (around $22.3 billion in USA currency) over the next three years in AI, 5G, automotive component, and biopharmaceutical technologies.
The company said it expected to add 40,000 new jobs over the next three years, in news that will likely bring relief to South Korea's government which is now struggling with high youth unemployment.
The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company. That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters.
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Lee was released from jail earlier in 2018 after a year in detention on bribery charges, lifting hopes among some investors that Samsung will hike investments and create jobs. He is appealing the conviction.
The company said the investment made locally will have the effect of creating some 700,000 jobs, especially from the chip and display industries. The most notable appearance was in India, where Lee met with President Moon Jae-in and Samsung announced plans to expand its smartphone production there. Mr Lee, who has led Samsung since his father fell ill in 2014, denies wrongdoing and has appealed the ruling. Samsung plans to allocate 25 trillion won in such fields.
Samsung has been one of the most profitable tech companies on the planet in recent years.
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