Growth strategy focused on Global South: LG Electronics CEO

Seoul, May 15 (IANS) LG Electronics’ Chief Executive Officer (CEO) Cho Joo-wan said on Thursday his company is expanding its focus on business opportunities in emerging markets across Southeast Asia, South America and Africa.

"The global economy is entering a new era -- shaped by rapid technological and geopolitical changes," Cho wrote in a LinkedIn post. "In this shift, the Global South -- once seen as emerging -- is now leading innovation and growth."

The Global South refers to a group of developing and less-developed nations, mostly located in the Southern Hemisphere, reports Yonhap news agency.

These countries are increasingly attracting global consumer-focused companies, driven by their youthful populations and rising purchasing power.

Citing data from major institutions, including the International Monetary Fund (IMF), Cho described the Global South as a new engine of global transformation -- leading economic growth, driving supply chain shifts, and accelerating digital and technological innovation.

"As a rising force in consumption, production and innovation, the Global South is a key growth partner," he said. "LG Electronics is committed to long-term collaboration through sustainable technology and localized solutions."

His remarks align with LG Electronics' commitment to the fast-growing Global South countries, pledging to turn the region's distinct challenges and opportunities into practical business solutions.

As part of this effort, Cho recently visited LG Electronics' operations in India and Indonesia to expand its footprint in areas such as heating, ventilation and air conditioning (HVAC), commercial displays, and smart factory solutions.

The company also broke ground on a new home appliance plant in India last month, which will serve as a regional production hub for India and neighbouring markets, including the Middle East and Bangladesh.

Meanwhile, LG Electronics said last week it will break ground on a new home appliance factory in India. With an investment of $600 million, the facility is slated to begin production by the end of 2026.

--IANS

na/