LG commits to $74 billion investment in Korea, prioritizing AI and cleantech

Industry

LG commits to $74 billion investment in Korea, prioritizing AI and cleantech

Published: 27 Mar. 2024, 11:38 Updated: 27 Mar. 2024, 14:48

JIN EUN-SOO
jin.eunsoo@joongang.co.kr

LG Chairman Koo Kwang-mo [YONHAP]

LG has pledged a 100 trillion won ($74.3 billion) investment in Korea through 2028, half of which will be committed to future growth drivers, including AI, bio, battery and display.

The investment size accounts for 65 percent of the global investment planned during the same period, LG said.

The plan was announced at LG's 62nd shareholders' meeting on Wednesday.

"The global management environment in 2024 will have more uncertainties as a number of inflection points reside related to the generalization of AI, decarbonization, and so on," said LG Chairman Koo Kwang-mo.

"While closely monitoring the industries around our core businesses, we will bolster future businesses like AI, bio and cleantech so they can grow into main pillars of our future business portfolio."

LG said 55 percent of the announced investment will be dedicated to research and development (R&D) and smart factories, vying to turn Korea into a manufacturing hub

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]