Samsung is investing $22bn (£17bn) in “growth areas” including artificial intelligence and 5G over the next three years, the company announced on Wednesday.
The investment is part of a wider $160bn push by Samsung to create new jobs, expertise and revenue under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.
The latest funding will also be used to develop electronic components for cars and advance its biopharmaceuticals business. Additional money will be poured into Samsung’s semiconductor and display manufacturing operations, which continue to produce record profits to counter losses in its smartphone business.
As part of the investment, the South Korean…