Samsung to spend $A30 billion on AI

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

A woman walks past the logo of Samsung at the company's showroom in Seoul on July 31, 2018.

The KRW 180 trillion 3-year investment plan, which includes capital spending as well as research and development in chips and displays, marks a 6 percent increase from its spending over the past three years.

Samsung said the announcement followed months of deliberations and review by the management and the board of directors of different Samsung companies, including Samsung Electronics.

The investments, which will be primarily led by Samsung Electronics, will be used for the company to add artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.

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.




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. Its de facto leader Lee Jae-yong was convicted of corruption a year ago, but released from prison in February.

Jay Lee, the vice chairman of Samsung Electronics, is appealing that conviction after being released from jail in February with a suspended sentence.

Critics say Kim's meeting with Lee may send a wrong signal to the court that the government backs leniency for the beleaguered businessman. Samsung plans to allocate 25 trillion won in such fields.

Total sales for April-June fell 4.1 per cent year-on-year to 58.48 trillion won, with revenues for the company's mobile division plunging 22 per cent in the same period.

Last week, Samsung Electronics posted its slowest quarterly profit growth in more than a year following a slowdown in the global smartphone market.

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