SUWON, South Korea – One of the world's largest electronics conglomerates has put aside $22 billion (25 trillion won) to spend on artificial intelligence over the coming three years.
The announcement hit the wires on Wednesday.
Samsung Electronics, South Korea's biggest company and a multi-national that has spread its wings across the globe has set out an ambitious three year business plan which will see a much broader investment in AI, and expansion into other businesses.
The strategy comes in the wake of the release of the company's Vice Chairman Lee Jae-yong from prison, where he served a little less than a year.
Samsung plans on expanding its AI research sector, with the recruitment of another 1,000 research personnel. Samsung now operates 5 AI Global Centers, three of which opened in May – in Cambridge in the UK, Toronto (Canada) and Moscow (Russia). The first AI center opened in Silicon Valley in November last year, and the second in Seoul, the South Korean capital in January this year.
"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 Suwon, South Korea-headquartered company said in a statement issued on Wednesday.
"Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses. It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars," the statement added.
Aside from the $22 billion Samsung said it had budgeted to spend another $139 billion on research and development and capex.
The company said it intends creating an additional 20,000 jobs over the next 3 years, taking the total new jobs company-wide to 40,000.
The flow-on effect in other industries and business will mean an additional 700,000 for the South Korean economy, the company said,