The LG Headquarters in South Korea.

South Korean conglomerate LG Group on Thursday announced the companies plan to invest a record 6.3 trillion won ($5.57 billion) in research and development in 2015 with the aim to secure future growth.

LG Group said in a statement that technologies like next-generation displays, electric car batteries and the so-called Internet of things were key areas for investment.

They will be building a research center called the LG Science Park in Magok which will be the largest of its kind in Korea. LG Group has granted 23 LG R&D Awards to its core research project teams at a R&D Achievement Briefing promoting 46 researchers and specialists to director level.

A spokeswoman for LG said they spent a combined 5.9 trillion won on research and development last year and 5.4 trillion won in 2013.