Samsung to invest $22.3 billion in AI, 5G, auto electronics and biopharmaceuticals

Samsung, South Korea’s largest conglomerate, has announced plans to boost investments in businesses that will drive its future growth, committing to a 25 trillion won ($22.3 billion) investment over the next three years, primarily led by Samsung Electronics, in the areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals.

According to Samsung, it plans to boost its existing support of basic sciences to identify new growth opportunities, while widening the program to include areas of future technologies such as artificial intelligence, the Internet of Things and biopharmaceuticals. The company said the broader initiative should create 20 000 new jobs in the coming years, in addition to previously announced plans to create another 20 000 jobs.

For biopharmaceuticals, 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 to combat chronic and difficult-to-cure diseases.