South Korean conglomerate Hanwha has announced plans to invest KRW4 trillion (USD3.5 billion) in expanding its aerospace and defence business over the next five years.
The group said on 12 August that the fiscal outlay is part of a KRW22 trillion investment programme intended to enable Hanwha to reach a “sales volume target” of KRW100 trillion by 2023. In 2016 and 2017, Hanwha’s group revenues were KRW47.1 trillion and KRW50.4 trillion respectively.
In addition to aerospace and defence, Hanwha will also invest in expanding its oil and gas, alternative energy, hotels, and finance sectors. Hanwha added that the investment programme is the biggest in its 66-year history and is expected to result in the creation of 35,000 jobs by the end of 2022.
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