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Samsung Electronics to Invest US$1.2 Billion in Silicon Valley over 4 Years
Huge Investment in Silicon Valley
Samsung Electronics to Invest US$1.2 Billion in Silicon Valley over 4 Years
  • By Cho Jin-young
  • June 23, 2016, 01:15
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Kwon Oh-hyun, vice chairman of Samsung Electronics, delivers a keynote address at the IoT Policy Dialogue held at The Washington Post building in Washington, D.C., on June 21.
Kwon Oh-hyun, vice chairman of Samsung Electronics, delivers a keynote address at the IoT Policy Dialogue held at The Washington Post building in Washington, D.C., on June 21.

 

Samsung Electronics Co. held the IoT Policy Dialogue at The Washington Post building in Washington, D.C., the capital of the U.S., on June 21 (local time) to expand positive effects what the IoT would bring to society and discuss advancement measures. The forum, co-hosted by Samsung and The Washington Post, America's leading daily newspaper, was attended by some 300 IoT related lawmakers, industry experts and non-governmental organizations.

Vice Chairman Kwon said, “Samsung Electronics will invest US$1.2 billion (1.38 trillion won) in the U.S. over the next four years. The company is planning to develop IoT technologies and strengthen cooperation with IoT startups in the U.S. via its agencies in Silicon Valley – Samsung Strategic Innovation Center (SSIC), Global Innovation Center (GIC) and Samsung Research America (SRA).”

In addition, Samsung Electronics and Intel announced the formation of the National IoT Strategy Dialogue, an initiative to convene like-minded industry partners and organizations to collaboratively develop strategic recommendations for U.S. policy makers on the IoT.

The initiative, to be managed by the Information Technology Industry Council (ITI), will expand member companies in the future.