LG Group will invest $74 bn into future tech

Seoul: LG Group said on Wednesday it will invest 100 trillion won ($74.4 billion) in South Korea by 2028 to sharpen future technologies and seek new growth drivers.

Unveiled at the group's annual shareholders meeting in Seoul, the long- and mid-term investment plan places an emphasis on advancing future technologies, including artificial intelligence, bio and clean tech, and pivotal business sectors, such as battery technology, auto parts, and next-generation displays, according to LG Group.

This investment accounts for 65 percent of LG Group's annual global investment, reflecting the company's commitment to driving innovation and fostering growth in its home market, it added, reports Yonhap news agency.

The company said some 55 percent of the planned investment will be allocated to research and development (R&D) initiatives aimed at establishing South Korea as a premier hub for innovation in key materials and manufacturing processes, including the development of smart factories. "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 Chairman Koo Kwang-mo was quoted as saying.

LG Corp., the holding company of LG Group, posted 7.4 trillion won in sales and 1.6 trillion won in operating profit last year.