[Digital Times, Kim Eun] LG Group is expected to invest KRW 19 trillion in domestic next year and employ 10,000 people. In addition, it said it plans to raise about 860 billion won in funds to support small and medium-sized business partners, and to lend interest free or low interest loans.

Kim Dong-yeon, Finance Minister and Minister of Planning and Finance, said on December 12 that LG Group announced plans for investment and employment after holding a meeting with LG Group executives, including LG Vice Chairman Koo Bon-Jun at LG Twin Tower in Yeouido, Seoul.

Deputy Prime Minister Lee In-ho in addition to Kim, Vice Minister of Industry and Commerce, Choi Young-gyu, Deputy Director of the Fair Trade Commission Shin Young-seon and Vice Minister of Strategy and Finance Lee Chan-woo. Vice Chairman of LG Display, Han Sang-bum, CEO of LG Display and representatives of business partners attended.

LG Group will invest KRW 19 trillion next year to focus on new industries such as organic light emitting diode (OLED), electric car parts, artificial intelligence, 5G mobile communication, and bio. The government plans to increase its investment in innovative growth by more than 50 percent, up 8 % from a year earlier, when it invested KRW 17.6 trillion.

Meanwhike, the company will recruit about 10,000 new employees next year in order to expand research and development (R & D) in the field of innovation growth and create high-value-added jobs. Especially, LG will invest a total of KRW 4 trillion in `LG Science Park` in the Magok district of Seoul to cope with the 4th industrial revolution, and it will put about 22,000 advanced research and development personnel in the future.

The LG Group stated that it will operate KRW 858.8 billion worth of interest-free, low-interest direct and indirect loan programs for partner companies next year. Earlier in July, LG Display announced plans to raise interest-free loans worth KRW 100 billion.

Mr. Kim stated, "In addition to venture businesses, medium-sized companies and large corporations are also an important axis of innovation growth." He added, "We will increase opportunities for communication with large companies as well as small and medium enterprises."

Meanwhile, LG vice chairman Koo Bon-joon said, "We will concentrate our resources on innovation growth and contribute to the national economy. We will actively support technology and infrastructure so that our partners can achieve global competitiveness."


By Kim Eun silverkim@


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