South Korea’s CJ Group to beef up K-food sector with $9.7 billion investment

South Korea’s CJ Group, which operates the country’s largest food and beverage company, CJ Cheiljedang Corp., and entertainment giant CJ ENM Co., is investing 20 trillion won ($16 billion) over the next five years to enhance its presence in content, K-food, and other future growth drivers.

Under its midterm growth plan announced on Monday, the conglomerate’s investment, to be made in its Korean businesses only, will focus on four growth areas – culture, platforms, wellness, and sustainability through 2026.

Specifically, the group will spend 12 trillion won ($9.7 billion), or 60 percent of the investment plan, on advancing its content creation and Korean food businesses.

CJ Group said it will also expand its food-related business to globally promote the so-called K-food.

It plans to develop new product lines through CJ Cheiljedang, which sells mandu (dumplings) and other frozen meals under the Bibigo brand.

CJ ENM, producer of the Oscar-winning film “Parasite,” saw its invested content globally recognized over the weekend, the firm which manages streaming service provider TVing and film production company Studio Dragon Corp., has said it will seek to set up additional production houses by genre to ride on the global popularity of Hallyu or the Korean Wave.

For the enhancement of its platform business, CJ has been strengthening business ties with content providers, including Naver Corp.

This report’s information was first seen on The Korea Economic Daily; to read more, click this link.