LG Group Announces $74 Billion Dollar Domestic Investment Plan Over Five Years

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LG Group Announces $74 Billion Dollar Domestic Investment Plan Over Five Years - Korea Economic Daily

Quick Summary:

It will pour half of the money into the aforementioned sectors, which the group expects to lead its growth over the next decades.LG Corp., the group’s holding company, unveiled the investment plan at an annual general meeting (AGM) of shareholders.“Amid the continued economic slowdown and geopolitical risks, uncertainties in the global business environment are expected to increase in 2024.

LG Corp Vice Chairman Kwon Bong-seok read the statement on his behalf at the AGM.“This year, we will focus even more on creating differentiated customer value and strengthening the fundamental competitiveness of our businesses.” Some 55% of the 100 trillion won set aside for five-year domestic investment will be funneled into research and development on core materials such as battery materials and smart factories.

LG Group, South Korea’s No.4 conglomerate, on Wednesday announced a plan to invest 100 trillion won ($74 billion) in its future growth drivers through 2028 at home, with a focus on artificial intelligence, biotechnology and clean technology, as well as automotive electronics and displays.