April 26, 2024

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[THE INVESTOR] Korea’s food and entertainment giant CJ will invest US$1.05 billion won in building new facilities and expanding businesses in the US over the next five years, a business lobbying group said on June 29.

The amount includes investment in building new factories for its processed foods making unit CJ Cheiljedang and logistics bases for CJ Korea Express, according to the Korea Chamber of Commerce and Industry. The conglomerate also plans to invest in film production in the US.

CJ was among 52 Korean firms that announced their own massive investment plans in tune with President Moon Jae-in’s trip to the US, saying they will invest a combined US$12.8 billion in the North American country over the next five years.

The firms also said their total purchase of US products, including aircraft, was expected to reach US$22.4 billion over the 2017-2021 period.

By Alex Lee and newswires (alexlee@heraldcorp.com)