As part of its three year plan, it will bolster its team of AI researchers to 1,000 across its R&D centres worldwide. As transfers the Internet edition of the Chronicle.info with reference to liga.net about it reports Reuters with a reference to the Samsung Electronics.
Nearly three quarters of the investment will be made directly into South Korean businesses, and will create an estimated 40,000 jobs in the country.
The investment will be primarily led by Samsung Electronics, the world's biggest maker of memory chips, which has faced a string of setbacks in recent years, including a fall in smartphone sales and a corruption scandal that saw its vice-chairman Lee Jae-yong jailed last year.
It forms part of a broader strategy under which the Samsung group will invest KRW180 trillion ($160.7 billion) in total over the next three years in capital expenditure and research and development.
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Secretary of State Mike Pompeo and North Korean Foreign Minister Ri Yong Ho on the sidelines of a regional summit in Singapore. North Korea appears to continue dismantling a rocket launching site, a US think tank said, based on satellite images.
As for the bio business, Samsung claimed that it wishes to foster the segment to become another major pillar of its portfolio like semiconductors.
Chung said reformist President Moon Jae-in's campaign to clip the wings of the country's powerful family-run conglomerates, known as chaebols, appeared to be losing steam in the face of stonewalling business groups which are "wielding prospects for investment as their weapons". It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases, the company said.
In AI, Samsung plans to significantly expand its research capability, increasing the number of advanced AI researchers to 1,000 across its global AI Centers. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses.
The wave of cash will also beef up Samsung's biopharmaceutical wing, the company said.
The announcement sent shares in contract drugmaker Samsung BioLogics (207940.KS) up 7 percent. Its de facto leader Lee Jae-yong was convicted of corruption past year, but released from prison in February.