Seoul, March 4 (IANS) LG Group Chairman Koo Kwang-mo visited India as part of the company’s broader strategies to seek new growth opportunities in the populous South Asian country, the company said on Tuesday.
During his four-day stay in India, Koo met with employees and business leaders to evaluate the company’s competitiveness across the value chain, from research and development (R&D) to manufacturing and distribution, according to LG Group.
While touring LG Electronics Inc.’s production facilities in New Delhi and LG Soft India, LG’s largest overseas software research centre in Bengaluru, Koo emphasized the importance of the Indian market in LG’s long-term vision, reports Yonhap news agency.
He described the country as a key player in driving the company’s “second leap” in a rapidly changing era and strengthening its presence.
With a population of 1.4 billion, India presents vast potential for consumer-focused companies, drawing intense competition from global industry leaders.
“India is not just a key market for LG but also a land of immense opportunity for global companies,” Koo said. “Leveraging our deep understanding of customers and our strong market position, we will seek to collaborate with the people of India to become the nation’s most trusted brand and drive our growth for the next era.”
LG Group first entered the Indian market in 1996 with the establishment of LG Soft India, followed by expansions from LG Chem Ltd. (1996), LG Electronics (1997) and LG Energy Solution Ltd. (2023).
In particular, LG Electronics has expanded its presence through advanced technology and localization strategies, with its home appliances like air conditioners and washing machines gaining popularity. It operates two production facilities in the country and is considering a new one to meet increasing market demand.
Additionally, LG Electronics has been seeking an initial public offering (IPO) on the Indian financial market.
After finishing his schedule in India, Koo travelled to Dubai in the United Arab Emirates (UAE), a key strategic hub for LG’s Middle East and Africa operations. There, he reviewed the company’s business performance in the region and discussed its long-term strategic direction.
–IANS
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