The announcement came two days after South Korean Finance Minister Kim Dong-yeon met the group's de-facto head Lee, calling for Samsung to create new jobs and boost the economy.
Samsung Group will invest 25 trillion won ($22 billion) in artificial intelligence, 5G mobile technology, electronic components for autos, and the biopharmaceutical business in pursuit of new growth areas, Samsung Electronics (005930.KS) said on Wednesday. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics. Most of that investment - about 130 trillion won of the total - will be spent in South Korea, the company said without giving further breakdowns.
"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. 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 previous year. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses.
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The semiconductor business is a particularly lucrative division of Samsung as it has been driving the bulk of its revenues over the past few years. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", the statement said.
AI is set for a particularly high investment, with Samsung set to expand the number of researchers in its various research centres across the world to over 1,000. Samsung BioLogics, established in 2011, is the world's third-largest contract drug manufacturer. 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.
This still gives it a market share of 20.6 per cent, but even Samsung acknowledged in its results that sales of its newer devices hadn't been as good as excpected.