Samsung Group, South Korea's biggest family-controlled conglomerate, said Wednesday that it will invest 180 trillion won (about 160 billion USA dollars) and hire 40,000 more employees for the next three years.
Samsung is also looking to be a front runner in the 5G race.
Of the total, 130 trillion won will be spent in South Korea, and is expected to create 40,000 jobs, or 20,000 more than its previous hiring plans, Samsung said.
The €19.25 billion investment is part of a wider KRW180 trillion (€138.64 billion) spend to support capex and research and development.
When Lee met Finance Minister Kim Dong-yeon earlier this week, the vice chairman said Samsung will focus on developing competitive technologies to make contributions to society.
"Samsung expects innovations powered by AI technology will drive the industry's transformation, while the next-generation 5G telecommunications technology will create new opportunities in autonomous driving, the Internet of Things (IoT) and robotics", the company said in a statement.
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No company in South Korea can match Samsung's scale in investment or job creation.
For Samsung, the latest investment plan goes beyond fostering new growth engines and came to be seen as a concerted effort to move past its tainted reputation caused by Lee's connection to a political scandal that led to the impeachment of former President Park Geun-hye.
On the education front, the company is setting up a number of software education centers in South Korea, offering training and "employment consulting" to about 10,000 students and job candidates.
Samsung will moreover forge ties with the Ministry of SMEs and Startups to raise 110 billion won over the next five years to help 2,500 companies adopt smart-factory solutions in their production lines.
The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent. The students will be provided with subsidies as well.