Samsung's next move: A $22 billion bet on new tech

5 stunning stats about Samsung

Samsung Electronics Co. on Wednesday declared that it will make investments worth a whopping 180 trillion won (US$160 billion) over the next three years, seeking to effectively overcome various challenges to its business and its relationship with a government that has maintained a tough stance on family-controlled firms.

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 announcement came two days after South Korean Finance Minister Kim Dong-yeon met the group's de-facto head Lee, calling for Samsung to create new jobs and boost the economy.

The news comes after Samsung Electronics, the group's prized jewel, forecasted its first profit decline in seven quarters last month as a result of a global downturn in demand for smartphones. The company also chose to directly hire 40,000 more employees in the cited period.

The electronics company, which is also to explore biopharmaceuticals as part of its new plans, said it would double the number of employees it planned to hire over the next few years to 40,000. In addition to investments for memory products, spending will go to non-memory and new advanced manufacturing equipment.

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"Samsung's brimming with cash right now", said Kwon Sung-ryul, an analyst at DB Financial Investment in Seoul. Samsung's target is to provide support for 300 external candidates and 200 internal projects in the next five years.

Samsung will provide software education programs to 10,000 jobseekers and lend support to around 500 startups.

Jay Lee, the vice chairman of Samsung Electronics, is appealing that conviction after being released from jail in February with a suspended sentence.

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. The weak performance was largely blamed on lackluster smartphone sales.

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