Sunday, 19 August, 2018


Samsung's next move: A $22 billion bet on new tech

5 stunning stats about Samsung 5 stunning stats about Samsung
Melba Vasquez | 10 August, 2018, 20:10

Samsung and its affiliated companies plan to spend $US22 billion ($A30 billion) over the next three years on artificial intelligence, auto components and other future businesses. Samsung Electronics Vice Chairman Lee Jae-yong has requested that the government ease regulations on the bio segment.

Considering Samsung has been cautious about commenting on its reentry into the vehicle business, the report said, creating the new team could hint at a strategic shift at the Korean tech giant.

Lee was freed after almost a year in jail.

Samsung Electronics plans to invest a total of 180 trillion won both at home and overseas as well as hire 40-thousand more employees over the next three years. The most notable appearance was in India, where Lee met with President Moon Jae-in and Samsung announced plans to expand its smartphone production there.

According to figures from IHS Markit, Samsung's shipments fell 10.8 per cent to 70.8 million during the most recent quarter as the Samsung Galaxy S9 failed to fend off competition from the likes of Huawei.

The figure translates into around 43 trillion won annually, which is similar to Samsung's record high facility investment of 43.4 trillion won made past year.

"Today's announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments, including Samsung Electronics", said the company in a statement.

No company in South Korea can match Samsung's scale in investment or job creation. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.

Samsung made the announcement to help revitalize the South Korean economy and foster new growth engines, Xinhua reports.

Samsung is also looking to be a front runner in the 5G race. The trainees will be able to share the company's vast technology know-how.

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