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Top-30 Business Groups to Invest 154 Tril. Won by Yearend

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Thursday, August 29th, 2013
SEOUL, KOREA- Korea's top-30 business groups will invest 154.7 trillion won and employ 140,700 until the end of this year. This is up 4 and 10 percent, respectively, from the figures announced earlier this year.The Ministry of Trade, Industry, and Energy said this on August 28 based on data gathered from the top-30 companies. Huh Chang-Soo, chairman of the Federation of Korean Industries, also mentioned the same plan in a luncheon meeting of top-ten business group leaders at Cheongwadae (Presidential Palace) with President Park Geun-hye.
 
The first-half investment by top-30 conglomerates has been 61.8 trillion won, down 10.4 percent from 69 trillion won recorded a year ago. In order to reach the target figure by the year's end, they must make an additional investment of 92.9 trillion won. The reason the large corporations spent only 41.5 percent of planned investment budget during the first half has to do with the fact that the major investment projects were scheduled at the latter part of the year, as well as the undiminished uncertainties in the domestic and global economy.
 
As for employment, the target hiring number of 140,700 is about 13,000 more than the plan revealed earlier this year. If the plan is accomplished by the year's end, the total employment number would have risen 12 percent from last year's 125,000.

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