Samsung to put $22 billion in artificial intelligence, autos

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The South Korean conglomerate said in a statement on Wednesday that it would invest 25 trillion won ($22 billion) in four areas over three years.

In particular, the South Korean group plans to invest in the development of artificial intelligence, mobile communications technology 5G, electronic components for automobiles and bio-pharmaceutical business.

Samsung is making a big push on automotive parts business since the unit was set up in December 2015. The plan, for instance, will boost Samsung's global roster of advanced AI researchers to 1,000.

Some of the funding will go to Samsung's biopharmaceutical businesses. The company's move came as the sector calls for top-notch chip and display technologies, in which Samsung enjoys an edge over rivals.

"Samsung aims to lead efforts to foster a vibrant ecosystem for innovations and growth, leveraging its technology and decades of experiences in creating successful businesses", the company said.

Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier.

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The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan.

Lee was released from prison with a suspended sentence in February.

Samsung Electronics said the announcement followed "many months of deliberations and review" by the group.

Samsung highlighted that the investment focuses on helping subcontractors and other smaller companies that actually hire the bulk of the country's workforce. The most notable appearance was in India, where Lee met with President Moon Jae-in and Samsung announced plans to expand its smartphone production there.

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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