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LG Chem plans to invest 3.8 trillion won ($3.5 billion) for capital expenditures this year, a 52 percent increase year-on-year, to strengthen the competitive power of its existing businesses and nurture new business models. The nation's leading chemical firm spent a record-high 900 billion won on R&D last year, saying it will raise its investment in this area by more than 10 percent every year. This year, the company has come up with the new goal of jumping into the global top five chemical companies by 2025 by expanding its investments in its units of basic materials, batteries, electronic information materials and life science. In the area of basic materials, the firm will advance its higher value-added business and concentrate on promising materials to reinforce its competitive power globally.
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