Samsung commits £17bn to artificial intelligence and other projects
Electronic components for cars will be one of the areas to benefit from the new funding.
Samsung Electronics and its affiliated companies plan to spend £17 billion over the next three years on artificial intelligence, car components and other future businesses.
Samsung said it will spend the sum to hire artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.
Samsung Steps Up Investment for Future Growth, Takes Initiative to Build Innovation Ecosystem https://t.co/1lShp4aiZX— Samsung Electronics (@Samsung) August 8, 2018
South Korea relies heavily on Samsung and its affiliated companies for investment and jobs, even after a corruption scandal that resulted in the bribery prosecution of the conglomerate’s leader, Lee Jae-yong.
Lee was freed after nearly a year in jail.
The company’s investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung’s importance in Asia’s fourth-largest economy.