Synopsis
LG Group Chairman Koo Kwang-mo's visit to India highlights the company's strategies for growth in the South Asian market. His meetings with employees and leaders emphasize the significance of India in LG's long-term vision and the immense opportunities it presents for global companies.Key Takeaways
- Koo Kwang-mo emphasized India's potential for growth.
- LG aims to enhance its competitiveness in India.
- Local production facilities are crucial for meeting market demands.
- LG prioritizes collaboration with Indian consumers.
- Expansion plans include a potential IPO in the Indian market.
Seoul, March 4 (NationPress) LG Group Chairman Koo Kwang-mo embarked on a visit to India as part of the organization's extensive strategies aimed at discovering new growth avenues in the populous South Asian nation, as reported by the company on Tuesday.
Throughout his four-day visit, Koo engaged with employees and business leaders to assess the company's competitiveness across the entire value chain, from research and development (R&D) to manufacturing and distribution, according to LG Group.
During his tour of LG Electronics Inc.'s production facilities in New Delhi and LG Soft India, which is LG's largest overseas software research center located in Bengaluru, Koo highlighted the significance of the Indian market in LG's long-term vision, according to Yonhap news agency.
He referred to the country as a vital contributor to propelling the company's 'second leap' in a swiftly transforming era, thereby enhancing its market presence.
With a population of 1.4 billion, India offers vast potential for consumer-oriented companies, intensifying competition from global industry leaders.
'India is not merely a crucial market for LG but also a land brimming with opportunities for global enterprises,' Koo stated. 'By leveraging our profound understanding of customers and our robust market stance, we aspire to collaborate with the people of India to become the nation's most trusted brand and propel our growth into the next era.'
LG Group first ventured into the Indian market in 1996 by establishing LG Soft India, followed by expansions from LG Chem Ltd. (1996), LG Electronics (1997), and LG Energy Solution Ltd. (2023).
Notably, LG Electronics has broadened its footprint through cutting-edge technology and localization strategies, with its home appliances such as air conditioners and washing machines enjoying popularity. The company operates two production facilities in the region and is contemplating a new one to satisfy rising market demand.
Additionally, LG Electronics has been pursuing an initial public offering (IPO) in the Indian financial market.
After completing his itinerary in India, Koo proceeded to Dubai in the United Arab Emirates (UAE), a critical strategic hub for LG's operations in the Middle East and Africa. There, he evaluated the company's business performance in the area and discussed its long-term strategic direction.
