Samsung lines up $22 bn spending for new tech

Samsung to invest $22 billion into new growth areas like A.I. and 5G

The firm has said that $21bn (£17bn) will be invested over the next three years in the areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals in a bid to aid future growth.

In the field of artificial intelligence, Samsung hopes to take its researcher base beyond the 1,000 mark across it global AI Centres. It's a smart play, considering how AI is being injected into all kinds of categories, everything from smartphones and IoT devices, to healthcare and scientific research.

In line with its "open innovation" vision, Samsung said it will expand the existing 40 billion-won fund to 100 billion won to support scholars and students. 5G is the next frontier in wireless communication, and while widespread deployment is still years away, the groundwork is already being laid.

That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters. It reflected Samsung's commitment to support youth employment, Samsung said in a statement. It also highlights that South Korea's decades-old reliance on big businesses for jobs and investments is unlikely to end anytime soon since the country lacks a strong pool of small and medium-sized companies found in Japan or Germany.

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Samsung also said Wednesday that it plans to create 20,000 more jobs over the next three years, on top of a previously announced 20,000 new jobs.

Samsung, which earlier acquired US automotive electronics firm Harman International Industries Inc., has been making various progress in this field.

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.

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

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