Samsung, LG global investment plan

For smartphones and appliances.

Samsung and LG are reported to be investing over $9 billion in a joint domestic manufacturing collaboration to develop new technologies for mobile phones and appliances.

The two electronic giants intend to develop smart home appliances, based on Internet of Things (IoT) along with artificial intelligence (AI) and virtual reality (VR) technology for next-generation smartphones business. Other investment will be assigned to research into smart cars.

The companies were also committed to increasing their premium appliance business over the next three years.

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