The announcement Wednesday by South Korea's biggest business group was welcome news, coming at a time of deepening unease over slowing growth in Asia's fourth largest economy.
Well, the South Korean electronic giant announced plans to invest 25 trillion South Korean won (around $22.3 billion in U.S. currency) over the next three years in AI, 5G, automotive component, and biopharmaceutical technologies.
Chung said reformist President Moon Jae-in's campaign to clip the wings of the country's powerful family-run conglomerates, known as chaebols, appeared to be losing steam in the face of stonewalling business groups which are "wielding prospects for investment as their weapons".
The South Korean giant has unveiled a three-year, 180 trillion won ($161bn) investment plan in a wide range of areas as it looks to bounce back from recent financial disappointment.More news: Here's Your First Look at DOOM Eternal
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Samsung said 130 trillion won, or 72 percent of the amount, will be allocated to South Korea. Consumption has slowed, unemployment is rising and investment has cooled since he came to power previous year. (Nasdaq: QCOM). Under its latest plans, it is to channel more spending into its manufacturing hubs, including its facility in Pyeontaek, and increase investments in the production of memory chips, non-memory equipment and advanced manufacturing equipment.
Samsung said it will spend the sum to hire AI researchers to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.
Samsung added that 4 trillion won will be spent on seeking shared growth with subcontractors. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases".
Aside from this focused investment, Samsung will actually be investing a total of $161 billion over the next three years. The centres will train 10,000 students and job candidates, and provide employment consulting services for the next five years. Set up in 2012, the C-Lab program will henceforth support external startups as well internal projects.