South Korea’s leading petrochemical firms have agreed to further increase their investment this year as part of efforts to create jobs and boost their exports, the government said Thursday.

In a special meeting with Energy Minister Yoon Sang-jick, the companies reported they plan to invest 7.5 trillion won ($7.35 billion) this year, up from about 6.5 trillion won in 2013, according to the Ministry of Trade, Industry and Energy.

The meeting, held at a Seoul hotel, was attended by senior officials from the country’s top 30 petrochemical companies, including LG Chem and GS Caltex.

SK Global Chemical said it will invest about 960 billion won to build a new production facility for para-xylene, an aromatic hydrocarbon mainly used to produce fibers and films, which will create 1,400 new jobs while generating $1.3 billion in fresh exports per year. (Yonhap)