Samsung to plug $160bn into new technology in major growth push

Noel Cummings
August 11, 2018

The three-year investment plan, announced shortly after Samsung Electronics Co. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.

The investments will be focused on artificial intelligence, 5G network technology, electric components for cars of the future, and biopharmaceuticals.

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.

Samsung Electronics is now the world's largest smartphone-maker but also boasts a very strong semiconductor business that supplies chips to the companies such as Apple.

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Reflecting rising calls for family-controlled conglomerates to make more social contributions in South Korea, Samsung also said its new investment plan will go a long way toward creating more jobs. Still, the company said its chip business continued to do well.

The plan includes capital spending, in addition to research and development for chips and displays.

Samsung added that 4 trillion won will be spent on seeking shared growth with subcontractors.

A new set of initiatives will see Samsung become a leading force in building and energising the ecosystem of innovative businesses for the digital economy, opening up a venture incubation programme to both external and internal start-up projects.

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Samsung is also determined to take a leading position in the 5G next-generation communications standard, where it faces competition from United States chipmakers like Intel Corp.

On the education front, the company is setting up a number of software education centers in South Korea, offering training and "employment consulting" to about 10,000 students and job candidates.

Samsung said it already helped 1,086 companies adopt smart factory solutions from 2015 through 2017, with the beneficiaries observing an average 5.5 percent increase in their sales.

The announcement has had little impact on Samsung's share price but should be welcomed by investors anxious about the lack of strategic direction since the conviction of group heir Jay Lee on bribery charges previous year.

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