Samsung Just Unveiled a $22 Billion Plan to Pursue New Technology

Samsung Just Unveiled a $22 Billion Plan to Pursue New Technology

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

All-in-all, Samsung expects to create 40,000 new jobs over the next three years, which includes creating 20,000 new jobs on top of previous hiring plans - it said this shows Samsung's commitment to support youth employment.

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.

In particular, the South Korean group plans to invest in the development of artificial intelligence, mobile communications technology 5G, electronic components for automobiles and bio-pharmaceutical business. AI seems to be the main concern.

This story has been corrected to say that Samsung will increase the number of artificial intelligence researchers to 1,000.

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. A new KRW110 billion ($98.2 million) fund, to be set up with the South Korea government, will provide funding for as many as 2,500 small and midsized enterprises for the next five years.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses.




"Samsung aims to lead efforts to foster a vibrant ecosystem for innovations and growth, leveraging its technology and decades of experiences in creating successful businesses", the company said.

The news comes after Samsung Electronics, the group's prized jewel, forecasted its first profit decline in seven quarters last month as a result of a global downturn in demand for smartphones.

The company has been hit by a series of scandals in recent years.

The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent.

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.

Samsung Electronics stocks traded flat.

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