South Korean giants injecting fresh funds


  • Business
  • Friday, 28 May 2004

SEOUL: South Korean conglomerates are injecting fresh investments following calls from President Roh Moo-Hyun in his meetings with top chaebol leaders. 

Samsung Group said it planned to invest about 70 trillion won in semiconductors and its other core businesses by 2006 to help strengthen its competitiveness and boost the sagging domestic demand. 

Samsung, the country's largest conglomerate, said it would invest 19.3 trillion won this year, 23.5 trillion in 2005 and 27.2 trillion in 2006. The company also said it would employ more people than it had initially planned to ease the current job pinch for the youth. 

Hyundai Motor Group also said its units would invest a combined 28.4 trillion won by 2007 in its domestic operations and business partners to fulfil its goal of becoming the world's fifth largest carmaker. 

The plans came after Hyundai chairman Chung Mong-Koo, Samsung group chairman Lee Kun-Hee and other top chaebol owners met with Roh on Tuesday who asked for more investment. 

Meanwhile, LG Group plans to increase its investment in plants and research projects of its core businesses to 9.8 trillion won this year, up 36% on 7.2 trillion a year earlier. That represented a 400 billion won increase from its initial projection of 9.4 trillion, it said. – Agencies 

 

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