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

"The new investment plans have already been approved by the board of directors across affiliates in order to seek a win-win with other small and medium enterprises and young people for the nation's sustainable growth", a Samsung official said.

Samsung made the announcement to help revitalize the South Korean economy and foster new growth engines, Xinhua reports.

Some of the funding will go to Samsung's biopharmaceutical businesses.

"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses". The platform will benefit 500 projects - 300 external candidates and 200 inside the company - in the next five years to encourage innovations and entrepreneurship.

After being freed from prison early this year, the Samsung heir returned to the management but maintained a low profile mostly staying overseas for business meetings.

Lee kept a low profile after his release in February but has been emerging in his public role in recent weeks.

Samsung's announcement came a month after President Moon Jae-in met the company's de facto head Lee Jae-yong in India.

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Well, the South Korean electronic giant announced plans to invest 25 trillion South Korean won (around $22.3 billion in USA currency) over the next three years in AI, 5G, automotive component, and biopharmaceutical technologies. Samsung said KRW130 trillion (€100.13 billion) of this bonanza will be spent in its native Korea.

The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company. But even by Samsung's standard, the size of the investment announced Wednesday was huge.

The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan.

The government under South Korean President Moon Jae-in placed its top priority on job creation, especially among youths, unveiling supplementary budget to create decent jobs.

The Samsung logo is seen in Seoul, South Korea, March 23, 2018.

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.

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