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LG Plans to Make India Export Hub
2017/05/26
Korean giant LG is looking at making India its export hub, banking on good ties between the two countries at a time when its overseas shipments from China are declining. According to LG Electronics India Managing Director Ki-Wan Kim, one of the main reasons for this is the prevailing tension between Korea and China. LG, which has two manufacturing units in India, exports to the Middle East and countries on the African east coast. Around 10% sales of the company’s Indian arm are currently from exports. Last year, LG India had sales of INR 220 billion (US$ 3.4 billion). “On the other hand, ties between Korea and India have improved. All Korean companies have started to see India as a strategically important manufacturing base not only for India but for other areas,” said Ki-Wan Kim. Earlier, LG used to serve such markets from China but “it is declining gradually,” he added. India is among the top five global markets for LG in consumer durables category, along with the United States, Korea, Brazil, and Russia.
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