Samsung Aims to Overcome Biz Hurdles Through 180tln Won Investment

Samsung Aims to Overcome Biz Hurdles Through 180tln Won Investment

Samsung Aims to Overcome Biz Hurdles Through 180tln Won Investment

Samsung Electronics will primarily fund $22bn of that investment to underpin research into artificial intelligence (AI), 5G connectivity, electronic components for automotives and biopharmaceuticals.

With KRW130 trillion ($116 billion) of that figure to be spent in South Korea, Samsung plans to create another 40,000 jobs in the next three years - 20,000 more than under previous recruitment plans.

Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (about 160 billion USA dollars) and hire 40,000 more employees for the next three years.

Samsung said it will spend the sum, amounting to 25 trillion won, on increasing the number of artificial intelligence researchers to 1,000 at its artificial intelligence centers around the world, ensuring it will be a global player in next-generation telecoms technology called 5G and on deepening its involvement in electronic components for future cars.

Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea's place in industry while advancing its profit.

As part of the investment, the South Korean.

The investment includes capital expenditures and research and development.

Industry watchers said the company's latest investment plan is set to focus on building Samsung's capabilities in the chip segment, as global rivals, especially those from China, have been trying to catch up. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses.

The announcement sent shares in contract drugmaker Samsung BioLogics (207940.KS) up 7 percent.

Vice-chairman Mr Lee met Mr Moon at the Indian factory's opening this year, his first meeting with the nation's leader since Mr Lee was released in February on a suspended jail sentence for a graft conviction.

The remaining monies will go towards investment in display manufacturing facilities as well as fostering external start-up projects, creating up to 40,000 jobs in South Korea.

Investors greeted Wednesday's news with cautious optimism, with Samsung Electronics' shares rising 0.21 per cent to close at 46,800 won.

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