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10 August 2018Asia-Pacific

Samsung to make $22bn investment in new technology

South Korea-based Samsung has revealed plans to commit W25 trillion ($22 billion) to pursue new technology in areas including biopharmaceuticals and artificial intelligence (AI).

The investment, announced on Wednesday, August 8, will be made over the next three years and will be primarily led by Samsung Electronics. This is part of Samsung’s overall W180 trillion investment plan.

In the biopharmaceuticals space, Samsung said it had seen strong growth from its contract manufacturing and biosimilar businesses.

Samsung will continue to invest heavily in these businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases.

According to Reuters, the announcement sent shares in drug maker Samsung BioLogics up 7%.

In AI, Samsung will increase the number of advanced researchers to 1,000 across its global AI centres.

The South Korean company will also expand its venture incubation programme, C-Lab, which was introduced in 2012 to support start-up projects.

The platform will benefit 500 projects—300 external candidates and 200 inside the company—in the next five years to encourage innovations and entrepreneurship.

In January, Samsung Electronics announced that it would introduce three innovative projects developed from C-Lab, including a recovery solution for people who have experienced lung damage.

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