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Samsung Group to boost investments to $41 billion this year

Updated Dec 19th, 2018 7:42PM EST

Samsung Group, the parent company that owns Samsung Electronics and several other subsidiaries, said it plans to spend $41.1 billion investing in new technology this year. Reuters said most analysts expect the company to spend a large chunk of that money on OLED and mobile technologies in an effort to continue to stay on target with its rivals. The South Korea-based company uses its OLED displays on mobile phones and on televisions. “Samsung’s got strong cash flow to make bold bets in new technologies,” NH Investment & Securities analyst Lee Sun-tae told Reuters. “No other IT company can beat it in terms of investment and that’s how Samsung finds new revenue sources ahead of rivals and widens its gap.” Samsung’s spending on its mobile processors and other mobile technologies is expected to exceed the amount it spends on its memory business for the first time ever, Reuters said. The firm currently employs about 350,000 people around the globe and expects to hire 26,000 additional employees this year.