SEOUL, Sept. 12 (Yonhap) - The top 10 conglomerates in South Korea will invest 37 trillion won (34 billion dollars) in the biotechnology industry, electric vehicle batteries, medical robots and other related business with high technology, said past Thursday the group representing the country's most powerful business.
The Federation of Korea Industries (FKI, for its acronym in English), speaking on behalf of large companies in the country, made the announcement after a regular meeting of its top officials at a hotel in Seoul.
The FKI said last week that the other high-tech businesses include the development of key components of electric cars and unmanned aerial vehicles.
Last month, GM Korea Co., the local unit of General Motors Co. unveiled the electric version of the compact Chevrolet Spark.
South Korea offers grants worth up to 23 million won to people who purchase electric vehicles to help reduce emissions of greenhouse gases, which are largely responsible for climate change.
The FKI said that some of the conglomerates, known as chaebol in Korean, have already launched projects, but did not identify specific companies. He said the chaebol increase the hiring of new employees in the second half, but gave no details.
The major chaebol including Samsung Group, which is the largest South Korean conglomerate, and Hyundai Motor Group, the fifth largest automaker in the world.
The ultimate measure of these clusters is in line with the Government's efforts to revive the country's ailing economy and create more jobs.
