CJ to invest US$1 bln in new facilities, businesses in U.S.

SEOUL-- South Korea's food and entertainment giant CJ will invest US$1.05 billion won in building new facilities and expanding businesses in the United States for the next five years, a business lobbying group said Thursday.

The amount includes investment in building new factories for its processed foods making unit CJ Cheiljedang Corp. and logistics bases for CJ Korea Express Corp., according to the Korea Chamber of Commerce and Industry (KCCI). The conglomerate also plans to invest in film production in the U.S.

CJ was among 52 South Korean firms that announced their own massive investment plans in tune with President Moon Jae-in's trip to the U.S., saying they will invest a combined $12.8 billion in the North American country over the next five years.

The firms also said their total purchase of U.S. products, including aircraft, was expected to reach $22.4 billion over the 2017-2021 period.

The president arrived in Washington on Wednesday for a summit with his U.S. counterpart Donald Trump later in the week, during which the U.S. president is expected to raise an issue over the Korea-U.S. free trade agreement that went into effect in 2012.

Source: Yonhap News Agency

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