Big Firms Increase Investment This Year

The Federation of Korean Industries revealed that the investment this year by 30 major Korean firms is expected to increase 19.1 per cent to W89.9 trillion from last year’s W75 trillion, which is in response to president-elect Lee Myung-bak’s determination to create a more business-friendly environment particularly by cutting unnecessary red-tape.

POSCO will double this year’s investment to W8 trillion from W4 trillion of last year and Hyundai and Kia Motors have promised to invest a total of W11 trillion, up from W7 trillion from a year ago. Hynix is the only company within the 30 biggest firms by market capitalization to reduce investment. The company slashes investment to W4 trillion from W4.4 trillion.