Local conglomerates are stepping up their game in developing future industries.
Two of South Korea's biggest conglomerates announced Thursday, that they will invest hundreds of billions of dollars into batteries, biotechnology and R&D over the next five years.
SK Group, the country's second-biggest conglomerate by assets, plans to invest around one-hundred-95 billion U.S. dollars.
More than half is set aside for chipmaking and biopharmaceuticals.
SK also says, it's going to invest over 70 percent into South Korea to revitalize the sluggish economy.
LG Group also announced plans to invest about 84 billion dollars over the next five years.
Nearly half will go into future growth engines including batteries, displays and AI.
In regards to workers, both SK and LG pledged to create 50-thousand new jobs each, through 2026.
Earlier this week, Samsung Electronics, Hyundai Motor, Lotte Group and Hanwha Group all announced big investment plans to grow future industries.
Their plans reflect President Yoon Suk-yeol's pledge to create a business-friendly environment and support industries making semiconductors, batteries and AI.
The president believes that these are the areas that South Korea is already a leader in but has been facing challenges due to unnecessary regulations and global competition.
Lee Ji-yoon, Arirang News.