The investment will be primarily led by Samsung Electronics, the world’s biggest maker of memory chips, which has faced a string of setbacks in recent years, including a fall in smartphone sales and a corruption scandal that saw its vice-chairman Lee Jae-yong jailed last year.
South Korea’s Samsung Group said it would invest $22-billion over the next three years in cutting-edge technology including artificial intelligence, self-driving cars and biopharmaceuticals, as it searches for ways to drive future growth.
Although demand for its memory chips remains robust, the market for its smartphones appears to have hit a wall, prompting the company to search for fresh growth opportunities.
Overall, the group plans to invest a total of 180 trillion won ($161-billion) over the next three years across its businesses, with more than 70 percent of the funds to be spent in South Korea.
It will expand investments in manufacturing hubs, seeking to increase production of semiconductors and display screens as well as dominate new markets by developing technology to power self-driving cars.
The company said it expected to add 40,000 new jobs over the next three years, in news that will likely bring relief to South Korea’s government which is currently struggling with high youth unemployment.