Samsung plans $22 billion for artificial intelligence, autos

SWednesday was huge. In 2010, under the leadership of Lee’s father, Lee Kun-hee, who was then in charge of the group, Samsung had said it would spend 23 trillion won over the following 10 years on future businesses.

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

Moon pledged to reform outdated practices and abuses in politics and in business and appointed a critic of big conglomerates, known as “chaebols,” to lead South Korea’s fairtrade commission.

Such moves raised hopes for change, but more than a year after taking office Moon’s administration is facing mounting criticism over its handling of the economy. Youth unemployment rates are at historic highs and exports, apart from the booming memory chip sector, have been slow to recover.

Moon’s approval rates have fallen to around 60 percent for the first time, the lowest level since he took office.

Samsung’s investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung’s importance in South Korea’s economy.

EOUL, South Korea (AP) — Samsung Elec tronics plans to spend a whopping $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.