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Chairman Lee Jay-hyun |
CJ Group, the nation’s leading food and entertainment conglomerate, will spend 3.2 trillion ($3 billion) this year on research and development, as well as on manufacturing expansion, officials said Tuesday.
This is the first time for its total yearly investment to break the 3 trillion won mark.
The investment plans allot 2.34 trillion won for the group’s domestic business, up 170 billion won from last year, and 900 billion won in overseas projects, up 200 billion won.
“Considering the difficult economic situation, it is a burden to expand investment and employment,” said an official.
“There is, however, the need for conglomerates to take the initiative and to revive the sluggish economy.”
The group targets 33 trillion won in sales this year, with the help of its four key businesses of food, bio-industry, logistics and entertainment.
It also hopes to create some 7,200 new jobs this year, a 5.9 percent increase from last year, officials said.
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