LG India is considering venturing into business categories like healthcare and water purification, as reported by media outlets. The company aims to increase the domestic value addition of locally-made products and invest deeper in its manufacturing ecosystem. LG’s Managing Director, Hong Ju Jeon, expressed optimism about India’s economic potential and emphasized the country’s bright economic situation compared to other global markets.
Increasing Domestic Value Addition and Export Competitiveness
To strengthen its presence in India, LG is focusing on enhancing the domestic value addition of locally-made products. The company plans to invite its sister concerns from South Korea to establish component manufacturing plants in the country. Furthermore, LG aims to increase exports from India by improving cost competitiveness and expanding its product offerings. The company is targeting a 10% growth in the fiscal year 2024.
Support for Make-in-India Initiatives
LG India is committed to supporting the Indian government’s “make-in-India” initiatives. By expanding its manufacturing capabilities and increasing exports, LG intends to contribute to the Indian economy. Despite challenging global conditions arising from factors like war and disruptions, LG’s top executive praised India’s growth story and highlighted the country’s resilience.
Optimistic Outlook for LG Business in India
When asked about the growth expectations for LG’s business in India, Hong Ju Jeon expressed confidence in the company’s prospects. LG Electronics India aims to achieve double-digit growth, surpassing the GDP numbers. While LG anticipates a reduction in business in other countries compared to the rest of the year, the company remains optimistic about its growth trajectory in India.
Business Innovation Center in Mumbai
In a recent development, LG Electronics inaugurated its Business Innovation Center (BIC) in Mumbai. The BIC serves as a hub for showcasing LG’s latest innovations across various business verticals. Equipped with cutting-edge technology-based products, the facility offers customers and partners an immersive experience and comprehensive solutions. The BIC features top-of-the-line products and solutions, including information display solutions, information technology solutions, system air conditioning solutions, and consumer electronics products.
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