Samsung to invest billions in new technology to drive fresh growth

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Samsung has been one of the most profitable tech companies on the planet in recent years.

The electronics company, which is also to explore biopharmaceuticals as part of its new plans, said it would double the number of employees it planned to hire over the next few years to 40,000.

There are plans to increase the number of advanced AI researchers at its AI centres to 1,000 while there will also be an expansion of its semiconductor manufacturing capabilities to cope with demand for AI, 5G, data centre and connected vehicle components.

Samsung Electronics said it will invest aggressively in the fifth-generation network technology, which is anticipated to contribute to the growth of self-driving cars, Internet of Things solutions and robotics. As part of its three year plan, it will bolster its team of AI researchers to 1,000 across its R&D centres worldwide. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.

Today's update comes after the company reported an operating profit of KRW14.87 trillion ($13.3 billion) for its second quarter, down 5% sequentially but up 6% year-on-year.

Samsung will moreover forge ties with the Ministry of SMEs and Startups to raise 110 billion won over the next five years to help 2,500 companies adopt smart-factory solutions in their production lines.

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

The announcement sent shares in contract drugmaker Samsung BioLogics (207940.KS) up 7 percent.

Samsung also said Wednesday that it plans to create 20,000 more jobs over the next three years, on top of a previously announced 20,000 new jobs. The trainees will be able to share the company's vast technology know-how.

Talented students will receive opportunities to work at overseas research centers under cooperation with Samsung.

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