$22bn investment and 40,000 jobs - Samsung's new technology pathway

Pauline Obrien
August 11, 2018

Samsung Group on August 8 unveiled a whopping 180 trillion won (US$160 billion) investment plans, including 50 trillion won overseas, over the next three years in response to the government's growing calls for the nation's largest conglomerate to play a bigger role in economic recovery and job creation.

The latest funding will also be used to develop electronic components for cars and advance its biopharmaceuticals business. The plan, for instance, will boost Samsung's global roster of advanced AI researchers to 1,000.

Samsung expects the additional investment to create 20,000 new jobs in the next three years, on top of expected hiring of 20,000 in its normal course of business over the same period.

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Lee was released from jail earlier in 2018 after a year in detention on bribery charges, lifting hopes among some investors that Samsung will hike investments and create jobs. The company did not indicate how many of its 320,671 employees (as of December 2017) are now involved in AI.

Samsung is also looking to be a front runner in the 5G race. (Nasdaq: INTC) and Qualcomm Inc.

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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No company in South Korea can match Samsung's scale in investment or job creation.

Samsung will provide software education programs to 10,000 jobseekers and lend support to around 500 startups.

Samsung financing will be extended to a larger number of subcontractors, with KRW4 trillion ($3.6 billion) to be made available in total through supplier support programs. Lee was freed after almost a year in jail but former President Park Geun-hye and a close associate remain imprisoned for bribery and other charges. Samsung Electronics Vice Chairman Lee Jae-yong has requested that the government ease regulations on the bio segment. It is only recently that Lee has started activities in Korea, including his first meeting with President Moon last month when Samsung opened a new smartphone plant in India.

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