Samsung plans $22 billion for artificial intelligence, autos

SEOUL: Samsung Electronics plans to spend $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison. The announcement Wednesday by South Korea's biggest business group was welcome news, coming at a time of deepening unease over slowing growth in Asia's fourth largest economy. It also highlights that South Korea's decades-old reliance on big businesses for jobs and investments is unlikely to end anytime soon since the country lacks a strong pool of small and medium-sized companies found in Japan or Germany. Samsung said it will spend the sum, amounting to 25 trillion won, on hiring artificial intelligence researchers, ensuring it will be a global player in next generation telecoms technology called 5G and deepening its involvement in electronic components for future cars. Some of the funding will go to Samsung's biopharmaceutical businesses.