Samsung announces $22 billion investment in new technologies

Samsung announces $22 billion investment in new technologies

Samsung announces $22 billion investment in new technologies Izvor: REUTERS/Andrew Kelly/File Photo

South Korean conglomerate Samsung announced on Wednesday that it will invest $22 billion in new technologies, including artificial intelligence, automotive electronics parts, and biopharmaceuticals, in search of new products to boost growth.

Samsung Electronics, the world’s leading memory chip producer, will lead the investments. Samsung Electronics has been dealing with a series of problems in the last years, including disappointing smartphone sales. Although the demand for Samsung memory chips remains strong, smartphone sales have stagnated, forcing the company to look for new sources of growth.

“Samsung expects that AI innovations will encourage industry transformation, and the next-generation telecommunications technology, 5G, will open up new possibilities in autonomous vehicles, robotics, and device connectivity (IoT) projects,” the company said in a press release.

The group is planning to invest some $161 billion in its operations over the next three years, 70 percent of which will be spent in South Korea.

Increased investments in production centres are planned, which would increase production of semiconductors and displays, but also secure the group’s leading position in new markets through the development of next-generation technologies.

Some 40,000 jobs are expected to be created in the next three years, which will bring relief to South Korea’s government which is dealing with high youth unemployment rates.

Follow N1 via mobile apps for Android | iPhone/iPad | Windows| and social media on Twitter | Facebook.

Comments (0)

Comment sent successfully.

Comment sending failed.

Invalid CAPTCHA

* All fields are required

MOST POPULAR

POPULARNO NA DRUŠTVENIM MREŽAMA

READ MORE

NEWS

NEWS

Strasbourg attacker killed by police, French media says 13.12.2018.

13.12.2018.  |  NEWS

NEWS

NEWS

Outgoing US Ambassador to Bosnia: There is progress, but more needs to be done 13.12.2018.

13.12.2018.  |  NEWS

NEWS

NEWS

Brexit to dominate EU summit in Brussels 13.12.2018.

13.12.2018.  |  NEWS

NEWS

NEWS

Zagreb City Assembly adopts €1.1 billion 2019 budget 13.12.2018.

13.12.2018.  |  NEWS

NEWS

NEWS

EU border agency Frontex to be deployed on Croatia-Bosnia border 13.12.2018.

13.12.2018.  |  NEWS

NEWS

NEWS

Croatia posts EU's largest drop in industrial production in October 2018 13.12.2018.

13.12.2018.  |  NEWS

NEWS

NEWS

Pressed by labour shortages, quotas for foreign workers in tourism set to go up 13.12.2018.

13.12.2018.  |  NEWS

NEWS

NEWS

Mogherini: Integration of Western Balkans is one of EU's top priorities 13.12.2018.

13.12.2018.  |  NEWS

loader