Samsung will invest $22 billion in AI, 5G, chips, displays, and more


The latest funding will also be used to develop electronic components for cars and advance its biopharmaceuticals business. Consumption has slowed, unemployment is rising and investment has cooled since he came to power a year ago.

With about 130 trillion won of the total will be invested in companies in South Korea, and is expected to create 40 thousand jobs, which is 20 thousand more than planned before, said Samsung. The company also chose to directly hire 40,000 more employees in the cited period.

Samsung, which earlier acquired USA automotive electronics firm Harman International Industries Inc., has been making various progress in this field. (Nasdaq: INTC) and Qualcomm Inc. In addition to investments for memory products, spending will go to non-memory and new advanced manufacturing equipment.

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"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul. Set up in 2012, the C-Lab program will henceforth support external startups as well internal projects. The centres will train 10,000 students and job candidates, and provide employment consulting services for the next five years.

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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.

Samsung financing will be extended to a larger number of subcontractors, with KRW4 trillion ($3.6 billion) to be made available in total through supplier support programs.

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.

After being freed from prison early this year, the Samsung heir returned to the management but maintained a low profile mostly staying overseas for business meetings.

A sign outside the Samsung Electronics office in San Jose, California. The weak performance was largely blamed on lackluster smartphone sales.