Wednesday, 17 October, 2018

Samsung commits £17bn to artificial intelligence and other projects

Samsung to invest $22 billion into new growth areas like A.I. and 5G Samsung to invest $22 billion into new growth areas like A.I. and 5G
Mandy Jefferson | 11 August, 2018, 04:00

The Group's flagship company, Samsung Electronics, did not provide a breakdown of the figures.

It represents a six percent increase over the past three years.

Through such investments, Samsung plans to foster AI, 5G, biotechnology and electronic components as key future growth engines.

Although demand for its memory chips remains robust, the market for its smartphones appears to have hit a wall, prompting the company to search for fresh growth opportunities.

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's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul.

First round of U.S. tariffs on Chinese goods to hit $50B - USTR
But within days, Trump himself backed away from the deal, saying talks would "probably have to use a different structure". The new list covers products such as semiconductors, electronics, plastics, and railway equipment.


By drawing on its well-established expertise in technology and start-up investments, Samsung will open up its venture incubation program to both external and internal start-up projects and provide software training.

Total sales for April-June fell 4.1 per cent year-on-year to 58.48 trillion won, with revenues for the company's mobile division plunging 22 per cent in the same period. He is appealing the conviction.

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.

The company said the investment made locally will have the effect of creating some 700,000 jobs, especially from the chip and display industries.

With his case to be reviewed by the Supreme Court, coupled with incumbent President Moon Jae-in's drive to impose tougher restrictions on family-controlled conglomerates, industry watchers said Lee sought to recover the group's public reputation and build a better relationship with the government through the investment. This will lead to the creation of an additional 15,000 jobs, Samsung said.

The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent. Samsung Electronics' share price closed this morning flat.

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