Samsung commits £17bn to artificial intelligence and other projects

Samsung commits £17bn to artificial intelligence and other projects

Samsung commits £17bn to artificial intelligence and other projects

Samsung's announcement on Wednesday came after it posted its slowest quarterly growth profit in more than a year at the end of July-a result, in part, of the flailing global smartphone market.

South Korea's leading business said the latest plan to revitalize the economy and create jobs will be aimed at contributing to the national economy through cooperation among Samsung, small firms and young people.

Samsung has been one of the most profitable tech companies on the planet in recent years.

KAZINFORM Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (160 billion USA dollars) and hire 40,000 more employees for the next three years.

"Samsung expects innovations powered by AI technology will drive the industry's transformation, while the next-generation 5G telecommunications technology will create new opportunities in autonomous driving, the Internet of Things (IoT) and robotics", the company said in a statement.

It said the group plans to significantly expand artificial intelligence (AI) research capability, increasing the number of advanced AI researchers to 1,000 across its global AI centres, and heavily invest in biopharmaceuticals.

Samsung Electronics plans to spend $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. As part of the plan, it will open up its venture incubation programme to external and internal start-up projects and provide software training. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses.

Samsung is South Korea's biggest conglomerate and the world's biggest smartphone maker.

Areas that will be targeted for investment include the company's manufacturing hubs, as well as existing memory and display businesses.

Lee was freed after almost a year in jail.

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