On Jan 3, Samsung Vice-chairman Lee Jae-Yong, participated in the opening event for a new fifth-generation (5G) network equipment production line in southern Seoul, South Korea, to describe the importance of 5G technology and to boost the company's competitiveness in this field.
"In the newly emerging market for 5G networks, (the company) needs to beef up its competitiveness with the attitude of a challenger," Lee said during the ceremony held in Suwon, where the tech giant has its headquarters,
5G is one of the four future growth engines that Samsung Electronics is focusing on, the other three being artificial intelligence (AI), biotech and semiconductors. It announced a plan to invest a total of 180 trillion won ($159.65 billion) in these four sectors in the medium and long-term.
According to YonhapNews, Samsung Electronics said it has clinched business deals with South Korea's SK Telecom Co. and KT Corp., along with major US mobile carriers including Verizon, AT&T, Sprint and T-Mobile, to supply 5G equipment and to release its first 5G ready Galaxy smartphone.
Until now Samsung has been behind in the market compared to other global telecom equipment providers but also has maintained its top position in semiconductor and smartphone market. The company is now planning to raise its network equipment share to 20% of the total market by 2020.
"Samsung is the only player with global competitiveness in the equipment, device and chip segments of the 5G network industry," the company said, claiming it's playing a leading role in the related technology.