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Samsung to invest billions in new tech to drive fresh growth

Samsung to invest billions in new tech to drive fresh growth

Total sales for April-June fell 4.1 per cent year-on-year to 58.48 trillion won, with revenues for the company's mobile division plunging 22 per cent in the same period.

The firm will inject 130 trillion won in its domestic operations, particularly in its key production bases in a bid to be prepared for a surge in demand for artificial intelligence (AI) and fifth generation (5G) network services.

In a bid to further expand its artificial intelligence capabilities, Samsung will be hiring over 1,000 AI researchers which will be placed in its global AI centers located in the United States, United Kingdom, Canada, Russia, and South Korea.

The scion of the founding family, Lee was jailed a year ago for his part in the graft scandal that brought down former president Park Geun-hye.

The company has been fighting off competition from Chinese rivals including Huawei, which last week said it could replace Samsung as the world's top smartphone maker by late next year, after data showed it surpassed Apple for the number-two spot in a tightening global smartphone market.

Along with the direct employment of Samsung, its investment in South Korea was forecast to help induce around 700,000 jobs in related industries and businesses, the statement noted.

Samsung made the announcement days after its de-facto chief, Lee Jay Y, met with finance minister Kim Dong-yeon, at a chip factory south of Seoul. Nearly three-quarters of that investment will be made at home, it said in a statement.

The company said a substantial slice of the overall investment pie will be earmarked for South Korea itself, and that overall the investment will create some 40,000 new jobs.

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

The announcement sent shares in contract drugmaker Samsung BioLogics (207940.KS) up 7 percent.

Samsung also vowed to lend its support to fostering the country's software industry and providing education programs to 10,000 students over the next five years.

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