Samsung's next move: A $22 billion bet on new tech
11 August, 2018, 21:31 | Author: Shawn Conner
Samsung is investing $22bn (£17bn) in "growth areas" including artificial intelligence and 5G over the next three years, the company announced on Wednesday. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.
Samsung Electronics plans to spend a whopping $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.
The Group's flagship company, Samsung Electronics, did not provide a breakdown of the figures. Shares in the group's information technology services affiliate Samsung SDS (018260.KS) rose almost 6 percent.
Samsung said in a statement that it will invest 25 trillion won (22 billion US dollars) in promising business areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals over the next three years. This will include capital expenditure and R&D costs for semiconductors and display businesses.
Samsung added that 4 trillion won will be spent on seeking shared growth with subcontractors.
In flagging specific areas of investment, the plan is the first of its kind for the conglomerate and suggests more emphasis than usual on expanding into new segments as its core semiconductor and smartphone businesses show signs of weakness.
Samsung is also determined to take a leading position in the 5G next-generation communications standard, where it faces competition from U.S. chipmakers like Intel Corp. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", it said in a statement.
Samsung has been one of the most profitable tech companies on the planet in recent years. Samsung BioLogics, established in 2011, is the world's third-largest contract drug manufacturer.
After being freed from prison early this year, the Samsung heir returned to the management but maintained a low profile mostly staying overseas for business meetings.
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