By Kwanwoo Jun


LG Group plans to invest more than $74 billion in South Korea over the next five years to nurture artificial-intelligence and other future growth drivers.

The South Korean conglomerate's planned 100 trillion won investment by 2028 will focus on AI, biotech and cleantech businesses, holding company LG Corp. told a shareholders' meeting in Seoul on Wednesday.

LG Corp. has yet to provide a detailed breakdown of the spending plan, but the planned investment comes at a time when companies around the globe are spending billions of dollars in AI technology.

LG Corp. Chief Executive Koo Kwang-mo said in a message to LG shareholders that he expects AI to become universal and routine as the global economic slowdown and geopolitical risks will likely continue in 2024.

Koo said LG would strengthen its efforts to seize new opportunities amid challenges caused by low growth and uncertainty.

LG has set aside 55% of the investment for research and development to nurture South Korea as a crucial manufacturing hub with smart factories and core-material development capabilities.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


(END) Dow Jones Newswires

03-27-24 0512ET