GS Group, a South Korean energy, retail and construction conglomerate, said Sunday it will invest 20 trillion won (US$17.8 billion) over the next five years to foster new growth businesses and expand its presence in overseas markets.
GS Group said it will invest 14 trillion won to build new petrochemical facilities and eco-friendly power plants and expand overseas resource exploration projects.
|GS Group Chairman Huh Chang-soo speaks at a meeting with GS employees at the company headquarters in Seoul, in this photo provided by company on July 18, 2018. (Yonhap)|
Under the plan, GS Caltex Corp., the nation's second-largest refinery, will build a new olefins plant in the southwestern city of Yeosu, with a goal of beginning its commercial operation in 2022.
It will inject 4 trillion won in the retail sector to expand GS Retail Co.'s retail network in Southeast Asian nations and GS Homeshopping Inc. to diversify the home shopping channel's portfolio.
The business group will spend 2 trillion won in GS Engineering & Construction Corp. and its global unit to invest in construction and infrastructure projects at home and abroad.
As part of the investment plan, GS Group said it will recruit 21,000 employees over the next five years. (yonhap)
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