Samsung Investing $20 Billion In Futuristic Technologies

Samsung Investing $20 Billion In Futuristic Technologies

Samsung Investing $20 Billion In Futuristic Technologies

While Samsung Electronics, the world's largest manufacturer of chips and smartphones and the flagship company of the group, have not said how the investment will be distributed.

The investment is part of a broader KRW 180 trillion (roughly Rs. 11 lakh crores) package South Korea's biggest business group is planning to spend over the period to create jobs and secure new growth areas, as its core semiconductor and smartphone businesses weaken.

KAZINFORM Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (160 billion USA dollars) and hire 40,000 more employees for the next three years.

"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul.

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. The amount includes capital expenditures and R&D investments, and KRW 130 trillion of the total will be spent in Korea. That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters.

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Jay Lee, the vice chairman of Samsung Electronics, is appealing that conviction after being released from jail in February with a suspended sentence. The most notable appearance was in India, where Lee met with President Moon Jae-in and Samsung announced plans to expand its smartphone production there. Still, the company said its chip business continued to do well. Samsung plans to allocate 25 trillion won in such fields.

"Kim's visit to Samsung. showed the momentum for chaebol reform has been all but lost", he said.

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

Investors greeted Wednesday's news with cautious optimism, with Samsung Electronics' shares rising 0.21 per cent to close at 46,800 won.

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