Big businesses pledge up to $206 bil. in regional investments over 5 years
Korea’s major conglomerates have pledged up to 300 trillion won ($206 billion) in new regional investments over the next five years, responding to President Lee Jae Myung’s call to expand corporate spending beyond the Seoul metropolitan area. The commitment was announced by Ryu Jin, chairman of the Federation of Korean Industries, at a meeting Wednesday with Lee and the leaders of the country’s 10 largest conglomerates, including Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin. The meeting, focused on youth employment and regional development, also drew top executives from SK, POSCO, Hanwha, HD Hyundai, GS and Hanjin, along with business association representatives. “FKI Chairman Ryu Jin said during the meeting that the 10 major groups plan to invest a combined 270 trillion won in regional areas over the next five years, while other large companies are expected to contribute an additional 30 trillion won over the same period,” Lee Kyu-youn, senior presidentia
