In order to drive its future growth, tech giant Samsung has announced to spend a hefty sum of money for artificial intelligence, 5G and such future technology.

The South-Korean tech giant Samsung announced on Wednesday about its plans to invest $22 billion (KRW 25 trillion) over the next three years. The investment will be made to develop artificial intelligence, 5G wireless systems, automotive electronic components, biopharmaceuticals and other futuristic tech, all as a part of its $160 billion plan.

Aiming to become more diversified and less dependent on declining smartphone and electronic markets, Samsung will spend the money mainly in Korea along with hiring 40,000 new employees. In the field of AI, Samsung plans to crew 1,000 new research positions. The company has previously claimed that it will put AI smarts in all of its devices by 2020, reported Engadget.

Samsung dethrones Intel as the world’s largest chipmaker

A large amount of the money will be invested in Samsung’s chip division, whose success has made Samsung overthrow rival Intel. Moreover, a bulk of the investment will also go into meeting ‘significant new demand from applications in AI, 5G, data centers and automotive electronics’.

The company also envisions progress in biopharmaceuticals and intends to invest in medications used for treatment of ‘chronic and difficult-to-cure diseases’. Moreover, it will also invest on other technology including autonomous driving, robots, internet of things, DRAM and flash memory products among others.

This initiative is expected to boost Samsung’s source of revenue. Not to forget its Galaxy Note 9 that is being revealed today and how that will popularize the company too.