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LG to invest 19 trillion won in advanced tech in 2018

The LG Group is looking to spend 19 trillion South Korean won on advanced technologies and production centers in 2018, around 8% more than its original projection, the Nikkei Asian Review reported, citing South Korean Strategy and Finance Minister Kim Dong-yeon.

The South Korean conglomerate, whose divisions include LG Electronics Inc., LG Chem Ltd. and LG Display Co. Ltd., expects to use at least 10 trillion won of the total amount in capital spending, the news agency said. The group reportedly intends to focus on areas such as automated driving, organic light-emitting diode display panels and biotechnology.

LG is also planning to recruit about 10,000 engineers to boost research and development.

The company confirmed the plans but has not disclosed a detailed breakdown, the Nikkei Asian Review.

As of Dec. 12, US$1 was equivalent to 1,091.16 South Korean won.