Samsung to invest 160 bln United States dollars, hire 40,000 for next 3 years

Judy Cobb
August 10, 2018

The South Korean company has prepared a three-year investment plan to expand business.

Samsung said it will spend the sum, amounting to 25 trillion won, on increasing the number of artificial intelligence researchers to 1,000 at its artificial intelligence centres around the world, ensuring it will be a global player in next-generation telecoms technology called 5G and on deepening its involvement in electronic components for future cars.

As part of the investment, the South Korean. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", it said in a statement.

For biopharmaceuticals, Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses.

The 180 trillion won plan includes capital spending as well as research and development in chips and displays and marks a 6 percent increase from its spending over the past three years.

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Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier.

In order to beef up the competitiveness of local small and medium-sized firms, Samsung said it will assist local firms with adopting smart factory production solutions under cooperation with the Ministry of SMEs and Startups.

"The latest investment reflects the company's belief that it may fall behind the competition if it takes its current position as a global leader for granted and is lax is making investments now", an official from Samsung said. Samsung wants to pump more money into the division in order to maintain its dominance in the market.

Of the total, KRW 130 trillion (around Rs. 7.97 lakh crores) will be spent in South Korea, and is expected to create 40,000 jobs, or 20,000 more than its previous hiring plans, Samsung said. Samsung's target is to provide support for 300 external candidates and 200 internal projects in the next five years.

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