Samsung Electronics has planned to spend a huge amount of $22 billion over the next three years on artificial intelligence and auto components.
As per the report by AFP, after Samsung’s Vice Chairman Lee Jae-Yong got free from the prison, the company has come out with a strategy to spend $22 billion over the next three years on artificial intelligence, auto components and other future business.
The company also highlighted the end of South Korea’s decades old reliance on big businesses for jobs and investments since the country lacks strong pool of small and medium sized companies found in Japan and Germany.
Samsung has informed AFP that it will spend this huge amount on increasing the number of artificial intelligence researchers to 1,000 at its AI centres around the globe. It also ensured that it will be a global player in 5G technology and on deepening its involvement in electric components for future cars.
The total expenditure by Samsung in next three years amount to 180 trillion won ($161 billion). Of that, 130 trillion won will stay in South Korea and rest will be distributed to China, Vietnam and other production lines overseas.
Samsung also informed that it plans to create a 20,000 more jobs on top of the previously announced 20,000 new jobs in the next three years.