Samsung has announced a new three-year investment plan, set to be worth $160bn (approximately £124bn).
The firm has said that $21bn (£17bn) will be invested over the next three years in the areas of artificial intelligence (AI), 5G, automotive electronics components and biopharmaceuticals in a bid to aid future growth.
The investments, which will be primarily led by Samsung Electronics,will be used for the company to add artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars.
The remaining monies will go towards investment in display manufacturing facilities as well as fostering external start-up projects, creating up to 40,000 jobs in South Korea.
Samsung also announced a set of initiatives to become a leading force in building and energising the ecosystem of innovative businesses for the digital economy.
By drawing on its well-established expertise in technology and start-up investments, Samsung will open up its venture incubation program to both external and internal start-up projects and provide software training.
The announcement follows many months of deliberations and review by the management and board of directors of different Samsung companies that will make the investments.