LG India may foray into business categories such as healthcare and water purification in the country and it will also invest deeper in its manufacturing ecosystem, its Managing Director Hong Ju Jeon was quoted as saying by news agency PTI. According to the South Korean tech major, India market holds a “big potential” as the economic situation here is bright compared to other global markets.
LG is working towards increasing the domestic value addition of locally-made products and is even inviting its sister concerns from South Korea to set up plants for component manufacturing in the country, Jeon said. The company is also looking to increase exports to other countries from India by enhancing the cost competitiveness and more products in its offerings. It is looking at a 10 per cent growth in FY24.
“We will support the India government’s make-in-India initiatives and will increase the exports from here and contribute to the Indian Economy,” said Jeon.
The top company executive also lauded India’s growth story this year and said its economy is growing despite other markets facing tough times on account of global disruption from war and other factors.
When asked about the growth expectation of LG business in India, he was quoted as saying by PTI: “LG also has the same expectation. Even the business in other countries will reduce compared to the rest of the year, but we (LG Electronics India) will grow.” LG Electronics expects to grow in double digits, higher than the GDP numbers.
To recall, LG Electronics opened up its Business Innovation Center (BIC) in Mumbai last month. The new facility is designed to offer customers and partners an immersive experience and a one-stop solution for all their business needs. The BIC is equipped with cutting-edge technology-based products to showcase LG's latest innovations across various verticals. The BIC displays the top-of-the-line products and solutions by LG, such as Information display Solutions (Active LED, Signage, Commercial TV & related products), Information Technology Solutions (Monitor, PC/Laptop, Medical Devices & Projector), System Air Conditioning Solutions (SAC) and Consumer Electronics Products (Home Entertainment / Home Appliances / Residential Air conditioner).
The facility provides a unique opportunity for B2B visitors to experience LG's latest offerings from all product categories for various business verticals.
The BIC will also serve as a hub for training and development for LG's B2B partners’ teams. Furthermore, the facility will allow close interaction and demonstrate proof-of-concept for all of LG’s innovations. It is an ideal business place to experience, learn and experiment with the products for LG’s customers and partners.