Samsung announces technology 'push'

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Samsung Group has announced that it will invest 25 trillion won (£17 billion) over the next three years in artificial intelligence, 5G mobile technology, electronic components for autos, and in its biopharmaceutical business, Samsung Electronics.

The investment is forms part of a much larger package that the company is planning to spend over the next three years to create jobs and secure new growth areas.

The 180 trillion won 3-year investment plan will include capital spending as well as research and development in chips and displays, and represents a 6 percent increase from its spending over the past three years.

Of the total, the bulk will be spent in South Korea, and is expected to create 40,000 jobs, or 20,000 more than its previous hiring plans, Samsung said.

The move comes in response to weakening growth in its core semiconductor and smartphone businesses.

The group is planning to significantly expand artificial intelligence (AI) research capability, and said that it would be increasing the number of advanced AI researchers to 1,000 across its global AI centres, and would be looking to invest heavily in biopharmaceuticals.

“Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses. It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars,” the company said in a statement.