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Samsung to plug $160bn into new technology in major growth push

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5 stunning stats about Samsung

Samsung projects that the investment will lead to the creation of 40,000 jobs over the three years.

Samsung's share price has fallen about 8% in South Korea so far this year.

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.

The Korean tech giant also announced a set of initiatives aimed at building the ecosystem of innovative businesses for the digital economy.

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.

Samsung Electronics, the world's top maker of memory chips and smartphones and the group's flagship company, did not provide a breakdown of the figures but said it will provide the funds for most of the investment.

"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul. That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters.

Samsung said it will also bolster its mainstay chip business, which is already the major source of profit for the company.

The company has been hit by a series of scandals in recent years.

The figure translates into around 43 trillion won annually, which is similar to Samsung's record high facility investment of 43.4 trillion won made past year. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses.

The announcement has had little impact on Samsung's share price but should be welcomed by investors anxious about the lack of strategic direction since the conviction of group heir Jay Lee on bribery charges previous year.

This still gives it a market share of 20.6 per cent, but even Samsung acknowledged in its results that sales of its newer devices hadn't been as good as excpected.

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