SK, LG, GS, POSCO, Hyundai Heavy unveil investment plans for future growth
Following Samsung Group and Hyundai Motor Group's massive investment plans, other Korean conglomerates, including SK, LG, GS, POSCO and Hyundai Heavy Industries unveiled large-scale investment plans Thursday in a move to find future growth opportunities and respond to President Yoon Suk-yeol's pledge to create a business-friendly environment. Their investment plans are focused on creating more jobs and fostering promising businesses such as semiconductors, bio, electric car batteries, eco-friendly energy and artificial intelligence, which they expect will revitalize the economy seeking new momentum in the post-COVID-19 era. SK Group said it will invest a total of 247 trillion won ($194. "The investment and recruitment should be supported in order to secure opportunities for growth and innovation at a time when uncertainties in the global business environment and geopolitical risks exist," the group said. Among the various industries, SK saw the chip business as the key to the Fourth Industrial Revolution and decided to invest 142 trillion won, which is more than half of its total amount of investments.
In order to achieve carbon neutrality of its businesses, SK Group will invest 67 trillion won in eco-friendly businesses such as electric vehicle (EV) batteries, battery materials, hydrogen, wind power and renewable energy. LG Group also announced it will invest 106 trillion won solely in Korea until 2026. Along with the investment plan, the group decided to hire a total of 50,000 employees or 10,000 people annually starting this year. An LG spokesman said, "We will prepare for a sustainable future through innovating customer value and actively pursue the company's responsibility, which is creating quality jobs. GS Group, which operates oil, construction and distribution businesses, also announced it will invest 21 trillion won until 2026 to beef up the capability of its core businesses and secure future growth items.
In detail, the group will invest 14 trillion won in energy, including GS Caltex's business expansion into petrochemical materials; GS Energy's eco-friendly technology development and investments in overseas resource development; and GS EPS and GS E&R's new renewable power generation investment. GS Retail will invest 3 trillion won to strengthen its distribution and service sector and the remaining 4 trillion won will be used to secure new business opportunities for GS E&C and GS Global. POSCO Group announced it will also invest 53 trillion won, including 33 trillion won in Korea, until 2026 and recruit 25,000 workers. Hyundai Heavy Industries Group will invest 21 trillion won over the next five years to foster eco-friendly businesses and achieve a digital transformation.
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