Samsung Electronics and its affiliated companies plan to spend £17 billion over the next three years on artificial intelligence, car components and other future businesses.
Samsung said it will spend the sum to hire artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.
South Korea relies heavily on Samsung and its affiliated companies for investment and jobs, even after a corruption scandal that resulted in the bribery prosecution of the conglomerate’s leader, Lee Jae-yong.
Lee was freed after nearly a year in jail.
The company’s investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung’s importance in Asia’s fourth-largest economy.
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.
Samsung also said it expects to create about 40,000 new jobs over the next three years.