Tech giants Samsung will invest $22.0 billion into the upcoming technologies such as 5G and AI as it looks for new innovative products to bolster its growth.
The South Korean mammoths in a statement said that it will pour $22.0 billion over three years in four different areas. In addition to 5G and AI, the company will also focus its endeavors on biopharmaceuticals and automotive electronics part.
Samsung said it would enlist 1,000 AI researchers around the globe and look to wind up a noteworthy player in cutting edge 5G networks. It said the two technologies are essential for the improvement of the autonomous vehicles.
Samsung is the biggest conglomerate in South Korea and the biggest smartphone maker in the world. But its revenue has majorly suffered due to the below par sales and the slowing demand for memory chips.
Chinese companies Xiaomi and Huawei are the major rivals of Samsung and is giving the South Korean giant increasing competition.
In recent years, a series of scandals have hit the organization. Lee Jae-yong, the de factor leader of Samsung, was found guilty of corruption a few months back, but was released from the prison in February.
The investments announced are the piece of a larger plan to spend $160.0 billion in the next three years on research & development and capital expenditures.
The company’s manufacturing hub, as well as the display and memory businesses are the areas that will be aimed for investment.
In the next three years, Samsung plans to create 40000 new jobs.