April 26, 2024

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[THE INVESTOR] Korea’s technology and chemical conglomerate LG Group said on April 20 it launched a new research complex in western Seoul aimed at bolstering its technological capabilities.

“People and technologies are the best assets in our country, which lacks natural resources,” said LG Vice Chairman Koo Bon-Joon said in a statement. “Investing in research and development projects and fostering professionals are the fundamental answer for a company to sustain in the major flow of the fourth industrial revolution.”

Koo highlighted that LG Science Park, which involved an investment of 4 trillion won (US$3.74 billion), will lend support to the vision.

LG Group said the complex will house 22,000 researchers by 2020, starting with 17,000 staff this year from major affiliates, including LG Electronics, LG Display, LG Chem, and other sister companies from different industries.

The complex will mainly focus on enhancing electronics and chemical technologies, with emphasis placed on OLED displays, automotive parts, fifth-generation network, robots, and self-driving or artificial-intelligence technologies.

LG Group also claimed that researchers of different fields will be able to more easily form ties at the complex. For instance, the 5G-network solution of LG Uplus can combine with LG Electronics’ automotive parts, along with sensors developed by LG Innotek.

The LG Science Park also boasts various high-end research facilities, including a very large 3-D printer.

Among others, LG will promote what it calls an “ecosystem of open innovation,” inviting small and medium enterprises, startups, and universities to the complex.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)