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LG Electronics is seeking new business opportunities in India and Saudi Arabia as part of its efforts to create other growth drivers for the company. The South Korean electronics giant is targeting the premium markets of the said countries.
To be more precise, LG Electronics is aiming to sign deals with Saudia Arabia, which is currently building its Neom project, which is a planned smart city located in Tabuk Province in the northwestern part of the country. As for India, the company is looking open new businesses in the Indian high-end electronics market.
The Korea Times reported that the company's chief executive officer, Cho Joo Wan, visited both Saudi Arabia and India not long ago. He has met up with officials for potential business dealings while also strengthening LG Electronics' brand presence in the said regions.
The LG Electronics' chief dropped by the exhibition hall in Riyadh, which displays the proposed Neom smart city on June 1. Company officials said that three projects were presented to Cho, and these are The Line, an environmentally-friendly linear city; Oxagon, an octagonal state-of-the-art industrial complex that will be built floating on the sea; and the Trojena project, which is a tourism resort on a mountain.
Cho Joo Wan reportedly had extensive discussions about all the business opportunities for LG Electronics related to the mentioned three projects.
"Leveraging LG Electronics' accumulated technological capabilities, we will secure various business opportunities in a wide range of fields, including optimized home appliances, TVs, and IT products for the Neom City project, as well as mobility, robotics, air solutions, and commercial displays," the LG Elec chief said in a statement.
The Korea Economic Daily reported that the construction of Neom City is estimated to cost around $500 billion. This mega smart city will consist of four regions which are the Oxagon, The Line, Trojena, and Sindalah, which will be a luxury island.
Cho also went to India to do some inspections and determine what measures it could implement to enhance its business competitiveness there. LG Electronics has been operating in the Indian market for 26 years now, and throughout the years, it has already established a localized business structure, but as new companies are emerging, it needs to up its game to remain competitive. Finally, the company is planning expansions for new businesses here, such as mobility and IT solutions.
Photo by: LG Newsroom
