Samsung to invest 160 bln Dollars, hire 40,000 for next 3 years

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Calling this goal an "open innovation", the company said it will raise a 100-billion won fund to roll out various programs centering on expanding cooperation with professors and institutions. The company has reportedly made a decision to invest up to $20 billion in futuristic technologies which include artificial intelligence and 5G.

Overall, the conglomerate said it planned to invest a total of 180 trillion won ($161 billion) over the next three years, which will include capital expenditures as well as research and development in its semiconductors and displays businesses.

In a bid to further expand its artificial intelligence capabilities, Samsung will be hiring over 1,000 AI researchers which will be placed in its global AI centers located in the United States, United Kingdom, Canada, Russia, and South Korea.

Those investments would be made in four key areas: artificial intelligence (AI), fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, the company said on Wednesday. It also highlights that South Korea's decades-old reliance on big businesses for jobs and investments is unlikely to end anytime soon since the country lacks a strong pool of small and medium-sized companies found in Japan or Germany.

Samsung has revealed it is set to spend billions on new technologies at it looks to keep pace with the likes of Apple and Google.

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Considering Samsung has been cautious about commenting on its reentry into the vehicle business, the report said, creating the new team could hint at a strategic shift at the Korean tech giant.

The 130 trillion won investment in the nation is expected to have an effect of creating 700-thousand jobs. The area accounted for 78.1 percent of the combined operating profit in the second quarter.

The three-year investment plan, announced shortly after Samsung Electronics Co.

"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said.

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