Samsung announces three-year $160bn investment plans

Samsung announces three-year $160bn investment plans

The company also made a decision to directly hire 40,000 more employees in the cited period.

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.

The company said it expected to add 40,000 new jobs over the next three years, in news that will likely bring relief to South Korea's government which is now struggling with high youth unemployment.

Samsung made the announcement days after its de-facto chief, Lee Jay Y, met with finance minister Kim Dong-yeon, at a chip factory south of Seoul.

With his case to be reviewed by the Supreme Court, coupled with incumbent President Moon Jae-in's drive to impose tougher restrictions on family-controlled conglomerates, industry watchers said Lee sought to recover the group's public reputation and build a better relationship with the government through the investment.

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The firm will inject 130 trillion won in its domestic operations, particularly in its key production bases in a bid to be prepared for a surge in demand for artificial intelligence (AI) and fifth generation (5G) network services.

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

The remaining $138bn will be utilised for investment into semiconductor chip and display manufacturing technology and facilities, in what the group said will foster "high-value, differentiated products amid rising competition in the industry". Part of that entails hiring more advanced AI researchers-Samsung wants to have 1,000 of them spread across its global AI centers. Set up in 2012, the C-Lab program will henceforth support external startups as well internal projects.

Samsung will put more than $22 billion toward tech like AI and 5G.

No company in South Korea can match Samsung's scale in investment or job creation.

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