Samsung Electronics says to invest $1.2 billion in U.S. for ‘internet of things’

Samsung Electronics Co Ltd , the world's top smartphone maker, said on Tuesday it plans to invest about $1.2 billion in the United States over the next four years on so-called internet of things (IoT) technologies. In a statement, Samsung said it will make the investments through its Silicon Valley arms such as the Samsung Global Innovation Center in order to develop relevant technologies and strengthen cooperation with startup companies. Tech companies around the world are looking to IoT technologies, which enables everyday objects such as mobile phones and vehicles to communicate with each other, as a new source of revenue as growth for mainstay products such as smartphones slows.

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