Samsung to spend $A30 billion on AI

Samsung to spend $A30 billion on AI

Samsung to spend $A30 billion on AI

There are plans to increase the number of advanced AI researchers at its AI centres to 1,000 while there will also be an expansion of its semiconductor manufacturing capabilities to cope with demand for AI, 5G, data centre and connected vehicle components.

Samsung said it will spend the sum to hire AI researchers to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.

Some of the funding will go to Samsung's biopharmaceutical businesses. Those areas are seen as Samsung's new growth engines.

Samsung has been one of the most profitable tech companies on the planet in recent years. Nearly three-quarters of that investment will be made at home, it said in a statement.

Including the latest plan, spending by Samsung Electronics and its affiliates on research and development and capital expenditures over the next three years will amount to 180 trillion won ($161 billion), Samsung said.

The 130 trillion won investment in the nation is expected to have an effect of creating 700-thousand jobs. The rest will likely be distributed to China, Vietnam and other production lines overseas.

Samsung also said it expects to create about 40,000 new jobs over the next three years.

A new set of initiatives will see Samsung become a leading force in building and energising the ecosystem of innovative businesses for the digital economy, opening up a venture incubation programme to both external and internal start-up projects. But even by Samsung's standard, the size of the investment announced Wednesday was huge.

Samsung is South Korea's biggest conglomerate and the world's biggest smartphone maker. Moon's approval rates have fallen to around 60 per cent for the first time, the lowest level since he took office.

When Lee met Finance Minister Kim Dong-yeon earlier this week, the vice chairman said Samsung will focus on developing competitive technologies to make contributions to society.

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