May 25, 2022 11:37
Samsung, Hyundai, Lotte and Hanwha announced big new investment plans on Tuesday, while SK, LG and other major conglomerates plan to follow suit.
Samsung said it will invest W450 trillion over the next five years, 80 percent on research and development and facilities in Korea (US$1=W1,264).
The key areas are semiconductors, biotechnology, artificial intelligence and next-generation mobile networks. The conglomerate said it will focus on system semiconductors and factories to revamp the chip business, where 70 percent of revenues currently comes from memory chips.
Hyundai and affiliates Kia and Hyundai Mobis will invest W63 trillion in Korea until 2025. First, W16.2 trillion will be spent on eco-friendly vehicles such as electric cars, hydrogen cars and plug-in hybrids. The automaker will add assembly lines at existing factories to produce them. Another W8.9 trillion will be invested in robotics, air mobility and self-driving technologies. It hopes to commercialize wearable robots and an air taxi service.
Lotte is investing W37 trillion over the next five years in expanding facilities to increase EV battery recharging stations and other businesses. The conglomerate will also build more shopping malls and overhaul existing stores.
Hanwha, which will invest W37.6 trillion over the next five years, has earmarked W20 trillion for domestic businesses focusing on solar panels, wind turbines, and defense and aerospace.
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