Samsung's Bold AI Push: Pioneering Innovation in India

Samsung is investing heavily in AI transformation in India, marking its next phase of growth in the country. While ruling out local stock exchange listings, the company is focusing on premium market transformation and partaking in the PLI scheme, aiming to make India a leading global market.

In a strategic move to cement its position in India, Samsung is set to make significant investments in the Artificial Intelligence (AI) sector, reinforcing its commitment to innovation. The company, a pioneer in consumer electronics, sees India as a burgeoning market with extensive untapped potential.

JB Park, President and CEO of Samsung Southwest Asia, has emphasized the company's vision to transition its engineering resources towards AI development, highlighting India's talent pool as a key asset in this transformation. While Samsung bolsters its presence through the PLI scheme, it has unequivocally ruled out the possibility of listing on local stock exchanges, preferring other financial avenues.

Samsung's robust strategy includes transforming its product portfolio to focus on premium offerings, spurred by the anticipated growth in India's GDP. The company aims for its appliance and electronics revenue to equate with its smartphone sales, foreseeing substantial market growth driven by AI innovations.

(With inputs from agencies.)