South Korean conglomerate SK Group said it would spend KRW247 trillion won (US$195bn) by 2026 to strengthen three key growth divisions – semiconductors, electric vehicle (EV) batteries and renewable energy, and bio-pharmaceuticals.

The group planned to invest most of the funds, or KRW179trn, locally where it would create 50,000 new jobs.

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More than half, or KRW142trn, would be spent on expanding semiconductor and related materials operations. It planned to establish a KRW120trn semiconductor cluster in Yongin, 50km (30 miles) south of Seoul, to include fabs and wafer plants.

SK said it would spend KRW67trn expanding its EV battery business, which it spun off under its SK On subsidiary last year, including battery separator operations and also hydrogen and other renewable energy businesses.

SK is the latest major South Korean conglomerate to announce massive investment plans since the country’s new president Yoon Suk-yeol took office earlier this month, following a KRW450trn plan by Samsung Electronics and KRW63trn by Hyundai Motor Group.

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