LG Electronics India expects around 10 per cent growth in FY24 and exploring new business categories such healthcare and water purification here besides investing further in its manufacturing ecosystem, its Managing Director Hong Ju Jeon said on Wednesday. India is an important market for the South Korean chaebol, where it sees a “big potential” as the economic situation is bright compared to other global markets with a growing population with more youths, he said.
The company is working towards increasing the domestic value addition of India-made products and is even inviting its sister concerns from South Korea to set up plants for component manufacturing here, Jeon told PTI in an interaction here. It is also looking to increase exports to other countries from India by enhancing the cost competitiveness and more products in its offerings.
“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. Jeon 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 said: “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.
Source:Financial express, 25/5/23