Samsung plans $22 billion for artificial intelligence, autos

The spending will boost research and expenditure in artificial intelligence fifth-generation wireless networks bio-pharmaceuticals among other things

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. The new investment is expected to indirectly lead to about 700,000 jobs in related industries and businesses in South Korea, Samsung said without giving a time frame. The platform will benefit 500 projects - 300 external candidates and 200 inside the company - in the next five years to encourage innovations and entrepreneurship. It is only recently that Lee has started activities in Korea, including his first meeting with President Moon last month when Samsung opened a new smartphone plant in India.

The group especially pinned high hopes on its bio business, including biosimilar development and contract manufacturing, with aims to nurture the "next semiconductor" business as its key growth engine.

Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea's place in industry while advancing its profit.

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 centers, and heavily invest in biopharmaceuticals.

Trump tackles Russian lawyer claims head on
KEITH: We are back exactly where we were this time a year ago , talking about that Trump Tower meeting. "This was a meeting to get information on an opponent". "I did not know about it".

The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company.

In order to beef up the competitiveness of local small and medium-sized firms, Samsung said it will assist local firms with adopting smart factory production solutions under cooperation with the Ministry of SMEs and Startups.

The company plans to foot 60 billion won of the total to be spent.

The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent. Samsung will also set up and operate with the Korean government software education centres across the country, which will nurture software talent and help create new job opportunities. The students will be provided with subsidies as well.

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