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Cashed Up Samsung To Spend $29 Billion On Future Product Development

Cashed up, Samsung Electronics is cranking up their investment in future products and technology with plans to invest A$29 billion over the next two years on artificial intelligence, auto components and other future businesses.

The strategy initiated under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison is set to create over 40,000 jobs in Korea.

Samsung said it will invest on hiring artificial intelligence researchers in about 1,000 artificial intelligence centres around the world.

They are also punting on being a global player in 5G a move that could put pressure on arch rival Huawei and on deepening its involvement in electronic components for future cars via their acquisition of Harman who are partners with most major automotive brands.

“Samsung expects innovations powered by AI technology will drive the industry’s transformation, while the next-generation 5G telecommunications technology will create new opportunities in autonomous driving, the Internet of Things (IoT) and robotics,” the company said in a statement.

Some of the funding will go to Samsung’s biopharmaceutical businesses. Samsung has been beefing up its contract drug-making operations to help counter a potential decline in its mainstay electronics businesses.

South Korea relies heavily on Samsung and its affiliated companies for investment and jobs, even after a corruption scandal that resulted in Lee’s conviction for bribery. Lee was freed after nearly a year in jail, but former President Park Geun-hye and a close associate remain imprisoned for bribery and other charges.

Lee kept a low profile after his release in February but has been emerging in his public role in recent weeks.

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