The Samsung Group has revealed plans to invest KRW25 trillion ($22.4bn) into tech growth areas such as AI and 5G over the next three years, according to a report by Reuters. The plan will form part of a much larger plan to invest $161bn in electronic component research.
The South Korean company will also aim to create 40,000 new jobs, 1,000 of which will be specifically within AI research and centers around the world. It noted the majority of its upcoming investments would be made in South Korea.
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The announcement came on the heels of the company's slowest quarterly profit growth in over 12 months, as the smartphone market, Samsung’s highest earner, continues to show signs of slowing down.
And while its most recent earnings report show other areas of the company such as its semiconductor division continue to perform well, the company is looking toward four key areas to revitalize the company. This includes AI and 5G cellular network technology, as well as electronic component development for autonomous vehicles and biopharmaceuticals.
