Samsung reveals multi-billion dollar tech investment plan

5 stunning stats about Samsung

The Korean tech giant also announced a set of initiatives aimed at building the ecosystem of innovative businesses for the digital economy.

Aside from this focused investment, Samsung will actually be investing a total of $161 billion over the next three years.

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.

The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key programmes over the next three years, according to Samsung Electronics Co, the group's crown jewel.

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. Samsung said it may hire 40,000 more people, while the investment itself could help create 700,000 new jobs in the country.

"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul.

To support start-ups, Samsung will expand its internal venture incubation program, C-Lab, which was introduced in 2012, to support external start-up projects.

Moon pledged to reform outdated practices and abuses in politics and in business and appointed a critic of big conglomerates, known as "chaebols", to lead South Korea's fair-trade commission.

"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses".

The announcement has had little impact on Samsung's share price but should be welcomed by investors anxious about the lack of strategic direction since the conviction of group heir Jay Lee on bribery charges previous year. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".

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