LG CEO William Cho has been implementing internal changes and reshaping the company's business portfolio since taking on the role. He has also been actively visiting LG offices and production sites across the globe.
During his visit to Saudi Arabia in early June, CEO Cho had the opportunity to explore the NEOM City Project, starting with a tour of the exhibition hall in Riyadh. He was introduced to three exciting projects: 'The Line,' a 170km-long environmentally friendly vertical city; 'Oxagon,' an octagonal high-tech industrial floating complex; and 'Trojena,' an iconic mountain resort.
Following a comprehensive discussion on these NEOM projects, the CEO participated in a management meeting to discuss long-term business strategies for the Middle East and Africa (MEA) region.
“LG will secure various business opportunities in a wide range of fields such as mobility, air solutions and commercial displays as well as home appliances, TVs and IT for the NEOM City project by leveraging the company’s innovative technology accumulated over the years,” said CEO Cho.
The CEO also visited LG's air solutions factory in Riyadh, a production base for premium air conditioners equipped with high-efficiency parts. LG's air solution products, known for their excellent cooling performance and energy efficiency, are particularly well-suited for the MEA region, where the demand for air conditioners remains high due to the year-round hot climate.
“Our presence in Saudi Arabia is of utmost importance, even on a global scale. Our local factory aligns with the Saudi Vision 2030 and plays a core role in producing green energy level products while forming the central production base for the region, exporting to up to 16 countries in the middle east and Asia,” said Mr. Cho. “LG will keep taking initiatives to achieve sustainable growth as well as further strengthen the company’s position as a market leader.”
Next on CEO Cho's agenda was India, a market of growing importance for LG and the world's most populous nation. During his visit, the CEO addressed local staff about the company's future direction. LG's Indian subsidiary, which celebrates its 26th anniversary this year, has established a dominant position in the Indian market by strengthening its infrastructure, including sales and production subsidiaries, and research and development centers.
Mr. Cho toured LG brand stores, R&D centers, and home appliance and TV production lines, gaining insights into local operations and the strategies employed by the subsidiary to enhance business competitiveness and secure future growth engines. He engaged with key staff members at the New Delhi sales subsidiary to discuss new business opportunities, such as electric vehicle charging solutions and EduTech utilizing digital whiteboard and IT solutions.
In light of the significant market and growth potential in India, CEO Cho emphasized LG's commitment to maintaining its position as the market leader. He acknowledged the importance of online commerce and emphasized the company's focus on increasing online sales in India by implementing a differentiated digital strategy that aligns with Indian culture. Earlier this year, LG established an online brand shop (OBS) and launched a direct-to-consumer (D2C) business in response to the growing popularity of online shopping in the country.
“In India, which boasts a large market and considerable growth potential, the company will build on its No. 1 market share and strategically develop future businesses,” said Mr. Cho.
CEO Cho's visit to India also included the cities of Noida and Pune, where he assessed the company's home appliance and TV production lines. He also reviewed the progress of transforming these facilities into eco-friendly smart factories.
LG has pledged to transition all its production bases worldwide to renewable energy by 2025 and plans to increase investment in these two plants to expand their capacity for manufacturing premium home appliances. The washing machines, air conditioners, TVs, and monitors produced in these plants are not only sold locally but also exported to MEA countries.
