South Korea’s leading companies plan to invest 132.9 trillion ($124 billion) won in research and development and facility upgrades in 2014, a poll showed Thursday.

The total represents a 6.1 percent increase from 125.3 trillion won in 2013, said the Federation of Korean Industries, an association for big businesses.

The survey was conducted on the 600 largest companies in terms of sales as of late 2012, with 450 companies responding.

The FKI said that of those that replied, 225 said they planned to increase investments this year compared to 145 that planned to cut back on spending. The remaining 50 companies said their investments will be roughly on par with the previous year.

“The numbers show that despite uncertainties triggered by the U.S. Federal Reserve’s decision to scale back its expansionary monetary policy and weaker-than-expected domestic market conditions, companies are committed to taking measures that can raise their competitiveness down the line,” the federation said in a press release.

The poll showed 24.4 percent intend to make investments to strengthen their competitiveness vis-a-vis rivals and give them an edge in the market, with 23.5 percent seeking to make new products and develop new technologies.

A further 22.5 percent said they are planning to invest resources to enter new business sectors that promise growth potential, with 17.4 percent saying they will update old facilities. (Yonhap)