Samsung to invest billions in new tech to drive fresh growth

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It is noted that these attachments are part of the three-year investment plan with a total volume of 180 trillion won, aimed at creating new jobs and providing new sources of growth. Samsung, hit hard by the financial crisis in the late 1990s, sold off its then five-year-old auto business to France's Renault Group back in 2000.

The figure translates into around 43 trillion won annually, which is similar to Samsung's record high facility investment of 43.4 trillion won made previous year.

Those investments would be made in four key areas: artificial intelligence (AI), fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, the company said on Wednesday.

Samsung projects that the investment will lead to the creation of 40,000 jobs over the three years. This will include capital expenditure and R&D costs for semiconductors and display businesses.

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The company then said it plans to cope with the rising demand due to computers and smartphones, and will expand investment in the local production line as the need for chips will soar down the road as progress is made in AI, 5G, data centers and automotive technologies.

Considering Samsung has been cautious about commenting on its reentry into the vehicle business, the report said, creating the new team could hint at a strategic shift at the Korean tech giant.

Samsung added that 4 trillion won will be spent on seeking shared growth with subcontractors. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".

With his case to be reviewed by the Supreme Court, coupled with incumbent President Moon Jae-in's drive to impose tougher restrictions on family-controlled conglomerates, industry watchers said Lee sought to recover the group's public reputation and build a better relationship with the government through the investment.

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