SEOUL-- South Korean food and entertainment giant CJ Group said Wednesday it will invest more than 10 trillion won (US$8.5 billion) in four future growth engines over the next three years.
The conglomerate said the four sectors consist of culture, platform, wellness and sustainability.
"CJ will ramp up efforts to globalize and digitalize existing business operations based on culture and platform," CJ Group Chairman Lee Jae-hyun said on the group's mid-term vision in an online message.
"Armed with the basic corporate spirit of wellness and sustainability, the group will also seek to achieve innovative growth through new business areas down the road."
In particular, CJ Group said it plans to invest 4.3 trillion won by 2023 to secure intangible assets, such as brand, future innovative technologies, artificial intelligence and new talent.
It marks the first time since 2010 that Chairman Lee has explained the group's business vision to its employees.
CJ's announcement comes as the group believes its growth has been in the doldrums due to the business expansion of domestic and overseas platform firms and stiffer competition in existing business areas.
A group official said the group is targeting to derive 70 percent of its sales growth from the four future growth engines within the next three years.
Source: Yonhap News Agency