South Korea’s top carmaker Hyundai Motor announced Friday it would invest more than 11 billion dollars next year to raise production and upgrade facilities.

Chairman Chung Mong-Koo said the world’s sixth largest auto group would invest 11.7 billion dollars in 2008 compared to an estimated seven trillion won this year. He disclosed the plan before attending a meeting between president-elect Lee Myung-Bak and business leaders.

Hyundai Motor and affiliate Kia Motors will spend a combined 4.5 trillion won, including 3.5 trillion won for research and development. About 5.2 trillion won would be spent on an integrated steel plant, Chung said. Hyundai started building the plant, with an annual capacity of seven million tonnes, in October last year to avoid shortages of the key raw material.