South Korea's largest conglomerate, Samsung Group intends to invest about $22 billion over the next three years into new growth areas.
The investments would be made in four key areas: Artificial Intelligence (AI), Fifth-Generation mobile network technology, electronic components for future cars and biopharmaceuticals.
To expand its AI capabilities, the company is poised to increase the number of researchers to 1,000 across its global AI centers in the U.K., Canada, Russia, U.S. and South Korea.
Overall, the conglomerate reported in media that it plans to invest a total of $161 billion over the next three years. Apart from technological advancements, the investment will also include capital expenditures as well as research and development in its semiconductors and displays businesses. Samsung mentioned in media that the company expects to create about 40,000 jobs over the next three years, as a part of this investment.
Greg Roh, an analyst at Hyundai Motor Securities, shared in media that“The total investment size is not surprising. But Samsung can be more active in M&As to do better at AI or 5G when Lee is fully back to his business."