The US$22 billion is part of a total of 180 trillion won (US$161 billion) that the group plans to invest over the next three years across its businesses, with more than 70 per cent of the money to be spent in South Korea.
Nearly three quarters of the investment will be made directly into South Korean businesses, and will create an estimated 40,000 jobs in the country. AI seems to be the main concern.
It said the group plans to significantly expand artificial intelligence (AI) research capability, increasing the number of advanced AI researchers to 1,000 across its global AI centers, and heavily invest in biopharmaceuticals.
While Samsung Electronics, the world's largest manufacturer of chips and smartphones and the flagship company of the group, have not said how the investment will be distributed.
The semiconductor business is a particularly lucrative division of Samsung as it has been driving the bulk of its revenues over the past few years. Sources say Samsung had planned to announce the investment plans during the meeting but the plans were ditched at the last minute because the government reportedly didn't want to give an impression that it was arm-twisting Samsung to spend big amid its heightened scrutiny against the nation's top business groups.
The investment includes capital expenditures and research and development. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses.
"Samsung aims to lead efforts to foster a vibrant ecosystem for innovations and growth, leveraging its technology and decades of experiences in creating successful businesses", the company said in a statement Wednesday.
Samsung has been one of the most profitable tech companies on the planet in recent years.
The announcement sent shares in contract drugmaker Samsung BioLogics (207940.KS) up 7 percent.
The scion of the founding family, Lee was jailed a year ago for his part in the graft scandal that brought down former president Park Geun-hye.
Samsung Electronics shares were marginally down in afternoon trade against a flat Kospi index.