The management of GS Group, said Wednesday that the energy, retail and construction conglomerate would invest 3 trillion won ($2.9 billion) in its core and new businesses this year.

The 2014 investments are larger than the average annual amount of around 2 trillion won.

The decision came in a second-quarter meeting of group executives, led by GS Group chairman Huh Chang-soo, the group said in a press release.

“The global economy faces more uncertainties at the moment. To turn a crisis into an opportunity during a downturn, it is important to seek innovation and take action beyond fear of failure,” Huh said. 

Among the investment plans, the group will allocate 2.2 trillion won to its energy businesses, including GS Caltex and GS Energy.

The group will invest about 600 billion won in GS Retail and GS Shop, the operators of a chain of convenience stores, supermarkets and malls.

The remaining 200 billion won will go to GS Engineering and Construction. The group’s construction arm is striving to overcome its 2013 earnings shock and to grow into a global builder.

Industry watchers responded positively to the investment plans as the group’s three core businesses have experienced a downturn amid worsening business environments at home and abroad for the past few years.

They added that additional investment plans in the energy sector could follow as the group’s new affiliate GS E&R is in search of fresh business opportunities in the power generation sector.

A GS-led consortium acquired the faltering STX Energy in 2013 and renamed it GS E&R in February this year.

By Seo Jee-yeon (jyseo@heraldcorp.com)