Samsung wants to build an 'innovation ecosystem' after it unveiled plans to invest an astonishing $22bn in new technologies.
The South Korean conglomerate released a bumper statement on Wednesday which outlined its vision to create 40,000 new jobs within three years through heavy spending on advanced technologies such as artificial intelligence and 5G.
A new set of initiatives will see Samsung become a leading force in building and energising the ecosystem of innovative businesses for the digital economy, opening up a venture incubation programme to both external and internal start-up projects.
"Today’s announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments, including Samsung Electronics," said the company in a statement.
In the field of artificial intelligence, Samsung hopes to take its researcher base beyond the 1,000 mark across it global AI Centres. It will intends to become a global player in the advanced markets for 5G chipsets and related devices and equipment.
The firm expects to create 40,000 new jobs over the next three years while the investment in Korea is expected to help induce approximately 700,000 jobs in related industries and businesses.