CJ Group to invest 20 tln won in original content, K-food

Yonhap Korea Stories 18:07 May 30, 2022

SEOUL, May 30 (Yonhap) -- South Korean food and entertainment giant CJ Group said Monday it will invest 20 trillion won (US$16.2 billion) over the next five years in new growth engines.

Among them, CJ said it will invest 12 trillion won in growing its original content and K-food business, while injecting 7 trillion won in expanding its logistics and e-commerce platforms.

CJ ENM, the group's entertainment unit, has gained public attention after two South Koreans -- Park Chan-wook and Song Kang-ho -- were named Best Director and Best Actor, respectively, at this year's Cannes Film Festival on Saturday.

CJ ENM is the distributor of Park's "Decision to Leave" and "Broker," which stars Song. In 2019, CJ ENM also distributed South Korean director Bong Joon-ho's Cannes-winning "Parasite."

CJ Group said it will use the remaining 1 trillion won to increase production facilities of eco-friendly materials, such as bio-degradable plastics.

The planned investment will generate more than 25,000 new jobs until 2026, the group said.

CJ Group owns the country's largest logistics company, CJ Logistics Co., as well as health and beauty store chain CJ Olive Young.