Key Points:
- LG Group announces a $74.3 billion investment plan in Korea by 2028 to drive future technologies and seek new growth opportunities.
- Approx. 55% of the investment will be allocated to research and development initiatives, aiming to establish Korea as a premier hub for innovation.
- LG aims to enhance its R&D capabilities and infrastructure, including developing smart factories, to strengthen its competitiveness and adaptability.
- The investment reflects LG’s confidence in the Korean market and its commitment to driving economic development and technological advancement.
LG Group unveiled an ambitious investment plan of 100 trillion won ($74.3 billion) in Korea by 2028, aimed at bolstering future technologies and exploring new avenues for growth. The announcement was made at the group’s annual shareholders meeting in Seoul, highlighting the company’s commitment to innovation and development in its home market.
The long- and mid-term investment strategy prioritizes advancing key future technologies, including artificial intelligence (AI), biotechnology, and clean technology. Additionally, LG Group plans to focus on pivotal business sectors such as battery technology, auto parts, and next-generation displays.
According to LG Group, this substantial investment represents 65% of its annual global investment, underlining its dedication to driving innovation and fostering growth domestically. The company aims to allocate approximately 55% of the planned investment towards research and development (R&D) initiatives to position Korea as a premier hub for innovation in crucial materials and manufacturing processes.
A significant portion of the investment will be directed towards developing smart factories, reflecting LG’s commitment to embracing automation and digitalization in manufacturing processes. By enhancing R&D capabilities and infrastructure, LG seeks to strengthen its intrinsic competitiveness and adaptability to evolving market dynamics.
LG Chairman Koo Kwang-mo emphasized the importance of closely monitoring industry changes and building a resilient business structure capable of thriving. The investment plan underscores LG’s strategic vision to drive sustainable growth and solidify its position as a leader in future technologies and innovative solutions.
In the past year, LG, the holding company of LG Group, achieved notable financial performance, posting sales of 7.4 trillion won ($5.2 billion) and operating profit of 1.6 trillion won ($1.2 billion). The substantial investment reflects LG’s confidence in the potential of the Korean market and its commitment to driving economic development and technological advancement.
