S. Korean Industrial Groups to Boost Spending by 12% in 2012

Jan. 13 (Bloomberg) -- South Korea’s 30 biggest industrial groups plan to increase total spending, including capital expenditure, research and development and acquisitions, by 12 percent in 2012 from last year.

Spending for the groups, including Samsung Group and LG Group, will rise to a record 151.4 trillion won ($131 billion), the Ministry of Knowledge Economy said in an e-mailed statement after a meeting with executives. The groups will hire 123,000 new workers, up 2.2 percent from 2011.

To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net.

To contact the editor responsible for this story: Kyung Bok Cho at kcho7@bloomberg.net