That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters.
Samsung Electronics Co. on Wednesday declared that it will make investments worth a whopping 180 trillion won (US$160 billion) over the next three years, seeking to effectively overcome various challenges to its business and its relationship with a government that has maintained a tough stance on family-controlled firms.
Samsung said 130 trillion won, or 72 percent of the amount, will be allocated to South Korea. In 2010, under the leadership of Lee's father, Lee Kun-hee, who was then in charge of the group, Samsung had said it would spend 23 trillion won over the following 10 years on future businesses. The new investment is expected to indirectly lead to about 700,000 jobs in related industries and businesses in South Korea, Samsung said without giving a time frame.
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.
Sea-Tac Airport Plane Crashes After 'Suicidal' Pilot Conducts Unauthorized Takeoff
The last known transmission was from about 8:47 p.m., the Times reported , well before the crash was reported around 9:30 p.m. The man who stole the plane is believed to be a ground service agent and the incident has not been connected to terrorism.
Samsung said most of the new investments will be injected in its key businesses such as semiconductors and displays in order to develop value-added premium products and further widen gaps with runner-ups, especially those of China. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", it said in a statement. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years.
To expand its AI capability, Samsung will be increasing the number of researchers to 1,000 across its global AI centers in the U.K., Canada, Russia, U.S. and South Korea.
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.
The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent. Samsung Electronics' share price closed this morning flat.