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Samsung Aims to Overcome Biz Hurdles Through 180tln Won Investment
10 August 2018, 08:08 | Jodi Jackson
Samsung will put more than $22 billion toward tech like AI and 5G. Jung Yeon-je AFP Getty Images
South Korea's Samsung will invest 25 trillion Won ($22.3 billion) in technologies including artificial intelligence (AI) and 5G as it tries to fend off the challenge from worldwide rivals and address investor concern about its long-term prospects. Samsung Electronics Vice Chairman Lee Jae-yong has requested that the government ease regulations on the bio segment.
The company said it will further strengthen ties with smaller businesses and roll out various projects to seek shared growth.
The company is one of the largest employers in South Korea, and is seen as one of the nation's shining lights to the rest of the world - a reputation that was severely damaged past year when company heir Jay Y.Lee was imprisoned on bribery charges.
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.
Nearly three quarters of the investment will be made directly into South Korean businesses, and will create an estimated 40,000 jobs in the country.
Samsung said it plans to directly employ 40,000 employees over the next three years, hovering above the company's average employment of roughly 25,000 over the past three years.
The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent. Samsung Electronics' share price closed this morning flat.
The company has been fighting off competition from Chinese rivals including Huawei, which last week said it could replace Samsung as the world's top smartphone maker by late next year, after data showed it surpassed Apple for the number-two spot in a tightening global smartphone market. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.
Samsung made the announcement to help revitalize the South Korean economy and foster new growth engines.
The Samsung institute secured a test-run license of self-driving cars in Korea in May previous year, the first Korean firm to do so.
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