South Korean conglomerate Samsung announced on Wednesday that it will invest $22 billion in new technologies, including artificial intelligence, automotive electronics parts, and biopharmaceuticals, in search of new products to boost growth.

Samsung Electronics, the world’s leading memory chip producer, will lead the investments. Samsung Electronics has been dealing with a series of problems in the last years, including disappointing smartphone sales. Although the demand for Samsung memory chips remains strong, smartphone sales have stagnated, forcing the company to look for new sources of growth.

“Samsung expects that AI innovations will encourage industry transformation, and the next-generation telecommunications technology, 5G, will open up new possibilities in autonomous vehicles, robotics, and device connectivity (IoT) projects,” the company said in a press release.

The group is planning to invest some $161 billion in its operations over the next three years, 70 percent of which will be spent in South Korea.

Increased investments in production centres are planned, which would increase production of semiconductors and displays, but also secure the group’s leading position in new markets through the development of next-generation technologies.

Some 40,000 jobs are expected to be created in the next three years, which will bring relief to South Korea’s government which is dealing with high youth unemployment rates.

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