Published: Sat, August 11, 2018
Tech | By Constance Martin

Samsung announces KRW 25 trillion investment plan to boost growth businesses

Samsung announces KRW 25 trillion investment plan to boost growth businesses

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.

It plans to become a leader in the market for 5G chipsets while also ensuring it is in position to capture demand for new applications in autonomous cars, the Internet of Things (IoT) and robotics that will be enabled by next generation networks.

The firm plans to take this action by making investments into businesses, and will look to deplete the fund over the next three years.

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. With its investment in AI, it will increase its own capability, increasing the number of researchers to 1,000 across its global AI Centers.

The South Korean giant has unveiled a three-year, 180 trillion won ($161bn) investment plan in a wide range of areas as it looks to bounce back from recent financial disappointment. Those areas are seen as Samsung's new growth engines.

Liverpool gear up for Premier League opener against West Ham
Klopp however pointed out that there could be further departures from Anfield, with the transfer window still open for major leagues in Spain, France, Italy and Germany.

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.

To support start-ups, Samsung will expand its internal venture incubation program, C-Lab, which was introduced in 2012, to support external start-up projects. Samsung will also set up and operate with the Korean government software education centres across the country, which will nurture software talent and help create new job opportunities.

Samsung's share price has fallen about 8% in South Korea so far this year.

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. Still, the company said its chip business continued to do well.

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