Published: Fri, August 10, 2018
Industry | By Terrell Bush

Samsung to invest $22 billion on new AI, automotive technology

Samsung to invest $22 billion on new AI, automotive technology

Samsung Group will invest 25 trillion won ($22 billion) in artificial intelligence, 5G mobile technology, electronic components for autos, and the biopharmaceutical business in pursuit of new growth areas, Samsung Electronics (005930.KS) said on Wednesday.

Along with the direct employment of Samsung, its investment in South Korea was forecast to help induce around 700,000 jobs in related industries and businesses, the statement noted.

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 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.

Samsung has been one of the most profitable tech companies on the planet in recent years. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won. A new KRW110 billion ($98.2 million) fund, to be set up with the South Korea government, will provide funding for as many as 2,500 small and midsized enterprises for the next five years.

Tokyo medical university admits tampering with exams to limit enrollment of females
Nakai said the report only covered the latest exam results because of time constraints, and that further investigation was needed. Education Minister Yoshimasa Hayashi told reporters that he plans to examine the entrance procedures of all medical schools.

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

Jay Lee, the vice chairman of Samsung Electronics, is appealing that conviction after being released from jail in February with a suspended sentence.

Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier.

Moon pledged to reform outdated practices and abuses in politics and in business and appointed a critic of big conglomerates, known as "chaebols", to lead South Korea's fair-trade commission.

Like this: