Samsung Announces $22 Billion Investment In Breakthrough 5G And AI Initiatives

Samsung will put more than $22 billion toward tech like AI and 5G.                  Jung Yeon-je  AFP  Getty Images

Samsung will put more than $22 billion toward tech like AI and 5G. Jung Yeon-je AFP Getty Images

Those investments would be made in four key areas: artificial intelligence (AI), fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, the company said on Wednesday. Those areas are seen as Samsung's new growth engines.

Samsung said it wanted to build "an innovation ecosystem" for the coming years.

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.

The firm expects to create 40,000 new jobs over the next three years while the investment in Korea is expected to help induce approximately 700,000 jobs in related industries and businesses.

Lee kept a low profile after his release in February but has been emerging in his public role in recent weeks.

The 180 trillion won plan includes capital spending as well as research and development in chips and displays and marks a 6 percent increase from its spending over the past three years. The plan, for instance, will boost Samsung's global roster of advanced AI researchers to 1,000.

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Szabo, who was in town for a wedding, had knocked on a window of an SUV he apparently thought was his Uber ride, his family said. Szabo lost consciousness when his head hit the pavement, and he was brought to an area hospital in critical condition.

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.

On the education front, the company is setting up a number of software education centers in South Korea, offering training and "employment consulting" to about 10,000 students and job candidates.

Samsung's share price has fallen about 8% in South Korea so far this year.

The government under South Korean President Moon Jae-in placed its top priority on job creation, especially among youths, unveiling supplementary budget to create decent jobs.

The company's investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung's importance in Asia's fourth-largest economy.

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