South Korean electronics major LG is aiming to increase exports from its Indian operations to about 15 percent over the next two years. Currently, about 10 percent of LG products manufactured in India are exported to 80 countries of South-East Asia, South Africa, Middle East and South American regions. Also Read - Best camera phones under Rs 35000 to buy in July 2021: Pixel 4a, Mi 11X, and more
“Within next two years, the export contribution would go up to 15 per cent of the total production of the Indian unit,” LG Electronics India Managing Director Soon Kwon told PTI. The company would increase exports of products like refrigerators, washing machines and LCD/LED TV as well as other categories, he added. Also Read - Top gaming smartphones under Rs 30,000: Mi 11X, Realme X7 Max and more
The company’s wholly-owned subsidiary LG Electronics India had a turnover of Rs 16,000 crore last year. India is among the top five markets globally for the South Korean firm. “Every year, our export business is growing. Around 10 per cent of our business in India is coming from our export business,” Kwon said, adding that LG is “probably the largest exporter of consumer electronics from India”. Also Read - iPhone 14 details leak even before the launch of iPhone 13, to bring this crucial feature
Currently, LG India manufactures around 90 percent of its products locally. “LG India is localized in terms of manufacturing and manpower. In terms of the localization of business, none of the MNCs has higher local contribution than LG,” said Kwon who was accorded as “Man of Electronics Award” by Consumer Electronics and Appliances Manufacturers Association.
The company is also considering manufacturing panels for LCD/LED TVs here, he said, but declined to give any timeframe saying that LG is still studying the market.
“I can not disclose any plans for that but we will have to do some day… We have studied panel manufacturing in China, this year, we have opened a factory in Brazil… It depends how the panel market evolves,” said Kwon.
On being asked about the response of LG’s global products such as Ultra HD here, he said: “India is still in a very minimal stage yet. We are looking over all business potential of the future. Within next 2-3 years you will see lots of models in 4K high definition TVs.”
On the domestic market, he said that the growth in demand from the rural segment is higher than the developed metro markets. He further said: “My challenge here is business innovations and not the product categories. Currently we have around 80 different countries shipping from this nation as Middle-East, South East Asia, South African nations. We even ship to South America, Mexico, Caribbean.”