Samsung Just Unveiled a $22 Billion Plan to Pursue New Technology

Donna Miller
August 9, 2018

Samsung Electronics and its affiliated companies plan to spend United States dollars 22 billion over the next three years on artificial intelligence, auto components and other future businesses.

The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan.

"Today's announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments, including Samsung Electronics", said the company.

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"Samsung aims to lead efforts to foster a vibrant ecosystem for innovations and growth, leveraging its technology and decades of experiences in creating successful businesses", the company said in a statement Wednesday. As part of the plan, it will open up its venture incubation programme to external and internal start-up projects and provide software training. With its investment in AI, it will increase its own capability, increasing the number of researchers to 1,000 across its global AI Centers.

In addition to components for devices, Samsung also sees 5G as a chance to transform its network equipment division into a major player that can compete with Ericsson, Huawei and Nokia.

Some of the funding will go to Samsung's biopharmaceutical businesses.

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