Published: Fri, August 10, 2018
Technology | By Christopher Mann

Samsung plans $22 billion for artificial intelligence, autos

Samsung plans $22 billion for artificial intelligence, autos

It is noted that these attachments are part of the three-year investment plan with a total volume of 180 trillion won, aimed at creating new jobs and providing new sources of growth.

It plans to become a leader in the market for 5G chipsets while also ensuring it is in position to capture demand for new applications in autonomous cars, the Internet of Things (IoT) and robotics that will be enabled by next generation networks.

Samsung projects that the investment will lead to the creation of 40,000 jobs over the three years.

The company has reportedly chose to invest up to $20 billion in futuristic technologies which include artificial intelligence and 5G. It said both technologies are crucial for the development of autonomous vehicles.

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Samsung's investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung's importance in South Korea's economy.

The scion of the founding family, Lee was jailed previous year for his part in the graft scandal that brought down former president Park Geun-hye.

Jay Lee, the vice chairman of Samsung Electronics, is appealing that conviction after being released from jail in February with a suspended sentence.

Critics say Kim's meeting with Lee may send a wrong signal to the court that the government backs leniency for the beleaguered businessman. Nearly three-quarters of that investment will be made at home, it said in a statement. Samsung plans to allocate 25 trillion won in such fields.

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The company has been hit by a series of scandals in recent years.

Samsung Electronics, the world's top maker of memory chips and smartphones and the group's flagship company, did not provide a breakdown of the figures but said it will provide most of the investment.

Investors greeted Wednesday's news with cautious optimism, with Samsung Electronics' shares rising 0.21 per cent to close at 46,800 won.

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