LG Group has announced its intention to invest $74.4B in South Korea by 2028, aiming to enhance future technologies and explore new avenues for growth.
Revealed at the group’s annual shareholders meeting in Seoul, the long- and mid-term investment strategy prioritises the advancement of future technologies, such as artificial intelligence, bio and clean technology, as well as critical business sectors like battery technology, automotive components, and next-generation displays, as outlined by LG Group.
This investment represents 65 percent of LG Group’s annual global investment, underscoring the company’s dedication to driving innovation and fostering growth within its domestic market, as reported by Yonhap news agency, according to Free Press Journal.
The company has stated that approximately 55 percent of the planned investment will be directed towards research and development (R&D) initiatives with the goal of positioning South Korea as a leading hub for innovation in key materials and manufacturing processes, including the establishment of smart factories.
LG Chairman Koo Kwang-mo emphasised, “We will closely monitor the changes in the industries around us and create a solid business structure that can perform under any circumstances by strengthening the intrinsic competitiveness of the entire business.” LG Corp., the holding company of LG Group, recorded sales of $7.4T and an operating profit of $1.6T last year.
(Finance World and The Free Press Journal have published the article under a mutual content partnership arrangement.)
