LG group to inject $1.4 bil. into a province of the nation

LG Group is set to boost the so-called “creative economy” initiative with its 1.6 trillion won ($1.4billion) investment in North Chungcheong Province. Besides, South Korea’s big conglomerate will also reportedly join hands with the municipality of North Chungcheong Province to create 150 billion won worth of funds to provide support for small and mid-sized businesses and venture businesses.

For the plan, LG Chem and LG Hausys will make a total of one trillion won facility investment in mid- to large-sized batteries for electric vehicles and energy storage systems (ESS) and zero energy including highefficiency construction materials, each. LG Chem produces mid- to large-sized batteries in Ochang and information & electronic materials in Cheongju whilst LG Hausys manufactures construction materials including insulators and tiles in Cheongju.

Korea’s leading company together with Chungcheong Province, Financial Services Commission and Small & Medium Business Administration will also make 150 billion in funds in order to help an operation and creation of small to mid-sized firms and venture companies. These funds would go to bio (10 billion won), future growth (30 billion won), mutual growth (45 billion won), innovation companies (50 billion won) and creative finance (15 billion won).

 
 
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