Samsung is going all in on its electronics division to develop artificial intelligence, 5G technologies, automotive components, and biopharmaceuticals. Over the next three years, Samsung is planning to invest $22 billion into these areas to further expand its already massive empire.
One of first goals of investment is to hire new AI researchers and bring the total number of personnel working on AI up to 1,000. Maybe Samsung will be able to make a better assistant with the help of fresh employees.
Autonomous driving has significant overlap with AI. Samsung will also be developing more electronic components such as system-on-chips, in-vehicle displays, and telecommunications equipment for automotive applications.
In total, Samsung will be spending more than $161 billion over the next three years on capital expenditures and research and development. Out of the total investments, approximately $116 billion will be spent in South Korea.
Investment is expected to create 40,000 jobs over the three-year period. An additional 20,000 new jobs are expected in excess of previous plans for hiring. Indirectly, Samsung will be supporting roughly 700,000 personnel through related businesses and supply chain partners.
Suppliers will also be receiving more financial support from Samsung. A $3.5 billion fund has been setup to help reduce cash flow problems of suppliers. Further incentives will be implemented to reward suppliers for meeting goals. Samsung also runs a Smart Factory program to help small to medium sized businesses upgrade their manufacturing capabilities.
One of the key initiatives for long term development is investing in education. In cooperation with the Korean government, software learning facilities will be setup around the country. Up to 10,000 students and job seekers will be able to receive training and employment consulting over the next five years.