Samsung Electronics to invest 180 tln won over next 3 years

Samsung Electronics to invest 180 tln won over next 3 years

The company's investment will especially focus on emerging industries, such as artificial intelligence, fifth-generation network and bio technologies.

AI is set for a particularly high investment, with Samsung set to expand the number of researchers in its various research centres across the world to over 1,000.

The scion of the founding family, Lee was jailed past year for his part in the graft scandal that brought down former president Park Geun-hye.

With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move.

"Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies", stated the Samsung investment announcement.

Chung said reformist President Moon Jae-in's campaign to clip the wings of the country's powerful family-run conglomerates, known as chaebols, appeared to be losing steam in the face of stonewalling business groups which are "wielding prospects for investment as their weapons".

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With KRW130 trillion ($116 billion) of that figure to be spent in South Korea, Samsung plans to create another 40,000 jobs in the next three years - 20,000 more than under previous recruitment plans.

No company in South Korea can match Samsung's scale in investment or job creation.

Samsung's investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung's importance in South Korea's economy. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.

That news sent shares in contract drugmaker Samsung BioLogics up some 5%.

Talented students will receive opportunities to work at overseas research centers under cooperation with Samsung.

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