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South Korean conglomerate Samsung has announced that it will invest $22.3bn in AI and 5G over the next three years in an effort to propel its future growth.

The world’s leading smartphone manufacturer officially disclosed its investment plans after weeks of speculation. In a detailed statement issued to the press, Samsung also announced a number of new initiatives that have been designed to make it a leading force in building and energising the ecosystem of innovative businesses for the digital economy.

In addition to this, the Seoul-based behemoth also revealed that it will open its venture incubation programme to include both external and internal start-up projects and will also provide software training.

A representative for Samsung has declared that the company believes that innovations powered by AI represent the future and will drive industry transformation, whilst the development and subsequent deployment of 5G will create new opportunities in autonomous driving, IoT and robotics. Samsung is expected to increase the number of AI researchers in its global centres to 1,000.

Samsung’s aggressive investment strategy has not come as a surprise to a number of ICT analysts - as the company’s IT and mobile communication division suffered a rapid decline in second-quarter revenue due to lower than expected sales of the Galaxy S9 and S9 Plus in a stagnant high-end smartphone market. According to analysts it’s critical that Samsung diversifies its portfolio of services in order to shape its future growth.