$22bn investment and 40,000 jobs - Samsung's new technology pathway

$22bn investment and 40,000 jobs - Samsung's new technology pathway

$22bn investment and 40,000 jobs - Samsung's new technology pathway

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. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years.

In particular, the South Korean group plans to invest in the development of artificial intelligence, mobile communications technology 5G, electronic components for automobiles and bio-pharmaceutical business.

Samsung is making a big push on automotive parts business since the unit was set up in December 2015.

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The firm expects to create 40,000 new jobs over the next three years while the investment in Korea is expected to help induce approximately 700,000 jobs in related industries and businesses.

In a bid to further expand its artificial intelligence capabilities, Samsung will be hiring over 1,000 AI researchers which will be placed in its global AI centers located in the United States, United Kingdom, Canada, Russia, and South Korea.

For Samsung, the latest investment plan goes beyond fostering new growth engines and came to be seen as a concerted effort to move past its tainted reputation caused by Lee's connection to a political scandal that led to the impeachment of former President Park Geun-hye. Nearly three-quarters of that investment will be made at home, it said in a statement.

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"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 said 130 trillion won, or 72 percent of the amount, will be allocated to South Korea.

When Lee met Finance Minister Kim Dong-yeon earlier this week, the vice chairman said Samsung will focus on developing competitive technologies to make contributions to society.

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