Samsung to invest 160 bln United States dollars, hire 40,000 for next 3 years

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The company is one of the largest employers in South Korea, and is seen as one of the nation's shining lights to the rest of the world - a reputation that was severely damaged a year ago when company heir Jay Y.Lee was imprisoned on bribery charges.

Nearly three quarters of the investment will be made directly into South Korean businesses, and will create an estimated 40,000 jobs in the country.

The announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments.

Overall, the conglomerate said it planned to invest a total of 180 trillion won ($161 billion) over the next three years, which will include capital expenditures as well as research and development in its semiconductors and displays businesses. Still, the company said its chip business continued to do well.

Samsung Electronics said it will invest aggressively in the fifth-generation network technology, which is anticipated to contribute to the growth of self-driving cars, Internet of Things solutions and robotics.

DMK President M Karunanidhi passes away at 94
His popularity had not waned even though he handed over the reins of his Dravida Munnetra Kazhagam (DMK) party to his son M.K. It wouldn't be until 1989, two years after MGR's death that Karunanidhi would step back into the Chief Minister's chair.

Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea's place in industry while advancing its profit. Those areas are seen as Samsung's new growth engines.

This story has been corrected to say that Samsung will increase the number of artificial intelligence researchers to 1,000.

The company then said it plans to cope with the rising demand due to computers and smartphones, and will expand investment in the local production line as the need for chips will soar down the road as progress is made in AI, 5G, data centers and automotive technologies. That news sent shares in contract drugmaker Samsung BioLogics up some 5%.

Vice-chairman Mr Lee met Mr Moon at the Indian factory's opening this year, his first meeting with the nation's leader since Mr Lee was released in February on a suspended jail sentence for a graft conviction.

South Korean voters tired of scandals and critical of big businesses like Samsung elected President Moon to replace Park after she was ousted.

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