SEOUL, KOREA - Following Samsung's lead, now LG is also set out to announce ambitious plans for realizing a "creative economy." LG Group said on May 20 it would actively pursue shared growth initiatives and make investments in areas such as fusion technologies. For example, the group will allow small- and medium-sized enterprises to bid for 400-billion-won projects hitherto reserved for the group companies in areas including system integration, advertising, and construction.
In addition, it will invest 800 billion won more in LG Science Park being currently built in the Magok Industrial Zone in the southwest of Seoul.
Earlier this month, Koo Bon-Moo had mentioned "corporate social responsibility and fostering of engineering talents" in a meeting with President Park Geun-hye in Washington, D.C. "We will work hard to create the world's best R&D facilities in which high-caliber scientists and engineers can do their best to create new value," he said in the same meeting. Today's announcement is regarded a follow-up to his May 8 remarks.
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