Samsung plans to invest $22 billion in artificial intelligence, automotive technology and 5G development.
The Korean tech giant also announced a set of initiatives aimed at building the ecosystem of innovative businesses for the digital economy. Samsung plans to open its venture incubation program to both external and internal startup projects and provide software training.
Innovations powered by AI technology will drive the industry’s transformation and the next-generation 5G telecommunications technology will create opportunities in autonomous vehicles, the IoT and robotics, according to the company.
“Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies,” stated the Samsung investment announcement.
The investment includes capital expenditures and research and development. Samsung expected to create 40,000 new jobs over the next three years. The company also will expand C-Lab, its internal venture incubation program, and work with the Korean government to establish and run software education centers across the country.