Samsung reveals multi-billion dollar tech investment plan

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Areas that will be targeted for investment include the company's manufacturing hubs, as well as existing memory and display businesses.

KAZINFORM Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (160 billion US dollars) and hire 40,000 more employees for the next three years. As transfers the Internet edition of the with reference to about it reports Reuters with a reference to the Samsung Electronics.

Samsung said about 25 trillion won will be earmarked for futuristic technologies like artificial intelligence, 5G network and autonomous driving that are closely linked to its current chip and electronics businesses, along with its burgeoning biopharmaceutical business. Most of that investment - about 130 trillion won of the total - will be spent in South Korea, the company said without giving further breakdowns.

The investment will be primarily led by Samsung Electronics, the world's biggest maker of memory chips, which has faced a string of setbacks in recent years, including a fall in smartphone sales and a corruption scandal that saw its vice-chairman Lee Jae-yong jailed last year.

Samsung has confirmed that it's going to invest over $20 billion in new growth areas over the next three years.

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Overall, Samsung plans to invest a total of KRW 180 trillion over the next three years, including the spending on future growth businesses.

In the field of AI, which is becoming a priority for almost every technology company on the planet, Samsung said its aim was to increase its number of AI researchers to about 1,000 globally.

The group especially pinned high hopes on its bio business, including biosimilar development and contract manufacturing, with aims to nurture the "next semiconductor" business as its key growth engine.

The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent. 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.

Samsung Electronics shares were little changed.