Seeking new growth drivers, Samsung plans $22 billion spending on new tech
11 August, 2018, 03:56 | Author: Patty Hardy
Samsung said the announcement followed months of deliberations and review by the management and the board of directors of different Samsung companies, including Samsung Electronics.
Through such investments, Samsung plans to foster AI, 5G, biotechnology and electronic components as key future growth engines. But its profits have suffered from disappointing sales and slowing demand for some memory chips.
Samsung Electronics Co. on Wednesday declared that it will make investments worth a whopping 180 trillion won (US$160 billion) over the next three years, seeking to effectively overcome various challenges to its business and its relationship with a government that has maintained a tough stance on family-controlled firms.
With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move.
It will also develop a range of system-on-chips for autonomous driving based on its semiconductor, telecoms and display technologies products, as well as build new chipsets to support AI, 5G and data centres.
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In flagging specific areas of investment, the plan is the first of its kind for the conglomerate and suggests more emphasis than usual on expanding into new segments as its core semiconductor and smartphone businesses show signs of weakness.
The wave of cash will also beef up Samsung's biopharmaceutical wing, the company said.
The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan. 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.
He has since been released after some of his convictions were quashed on appeal, and is now awaiting a Supreme Court decision. This will lead to the creation of an additional 15,000 jobs, Samsung said. Samsung plans to allocate 25 trillion won in such fields.
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