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CJ Group, one of the biggest conglomerates in South Korea, announced a new investment scheme this week to beef up some of its businesses. The company is reportedly spending around ₩20 trillion or about $16 billion for its main growth drivers in over five years.
The CJ Group is running the largest food and beverage firm under its CJ Cheiljedang Corp. subsidiary brand. It is also operating an entertainment company, the CJ ENM Co., which is also one of the best in its field in South Korea. Now, CJ Group is focusing on these two units, which it considers the biggest driving force for its future growth.
The investment will be used by the company to further improve its presence in the K-food and content industries through CJ Cheiljedang and CJ ENM Co. according to The Korea Economic Daily, the growth plan was unveiled on Monday, May 30, and officials said that the funds will be exclusively utilized for the advancement of just four fields that include wellness, culture, sustainability and platforms through the year 2026.
To be more specific, the company will be allocating ₩12 trillion, which is equivalent to 60% of the total investment plan, to expand its content creation and food businesses. CJ ENM is the producer of the “Parasite” film that was recognized at the Oscars and ultimately became a title that is known globally. CJ Group will capitalize on this recognition and produce more content of the same caliber using the latest investment.
“CJ has been investing in movies and dramas since the mid-1900s, helping Korean content to earn global popularity and lead the industry,” Korea Joongang Daily quoted CJ Group’s spokesperson as saying. “We plan to aggressively invest in the field to enhance Korea’s status as a soft power.”
K-food has also become very popular worldwide, and CJ Cheiljedang will take advantage of this popularity and offer more food and beverage items globally. The company’s Bibigo brand is already a known name outside of South Korea; it will work to introduce its other products that are similarly good.
What’s more, the new investment is not just good for CJ Group’s subsidiaries, but ordinary people will also benefit from it because it is expected to create more jobs as well. “With the 20 trillion won investment, we expect to create 5,000 new jobs annually over the next five years to boost the local economy,” a company official stated.
