South Korea's largest conglomerate Samsung Group is planning to invest about 25 trillion Korean won ($22 billion) over the next three years into new growth areas, led primarily by Samsung Electronics.
The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key programmes over the next three years, according to Samsung Electronics, the group's crown jewel.
It said the group plans to significantly expand artificial intelligence (AI) research capability, increasing the number of advanced AI researchers to 1,000 across its global AI centers, and heavily invest in biopharmaceuticals. 5G is the next frontier in wireless communication, and while widespread deployment is still years away, the groundwork is already being laid.
With KRW130 trillion ($116 billion) of that figure to be spent in South Korea, Samsung plans to create another 40,000 jobs in the next three years - 20,000 more than under previous recruitment plans. Samsung has its tentacles in several different market segments, which has allowed it to weather dips in demand in certain categories, like smartphones.
Samsung is making a big push on automotive parts business since the unit was set up in December 2015. It expects this to "induce" another 700,000 jobs in related South Korean industries and businesses.More news: Arsenal are willing to sell three players on deadline day
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The scion of the founding family, Lee was jailed a year ago for his part in the graft scandal that brought down former president Park Geun-hye.
South Korea's leading business said the latest plan to revitalize the economy and create jobs will be aimed at contributing to the national economy through cooperation among Samsung, small firms and young people.
Calling this goal an "open innovation", the company said it will raise a 100-billion won fund to roll out various programs centering on expanding cooperation with professors and institutions.
Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier.