Growth strategy focused on Global South: LG Electronics CEO
SEOUL: LG Electronics Chief Executive Officer (CEO) Cho Joo-wan said on Thursday that his company is focusing its attention on business opportunities in emerging markets in Southeast Asia, South America and Africa. “The global economy is entering a new era – one 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.” US tariffs expected to slow export growth in Asia-Pacific region: APEC
The Global South refers to a group of developing and least developed countries, mostly located in the Southern Hemisphere, Yonhap news agency reported. These countries are increasingly attracting global consumer-focused companies due to their young populations and growing purchasing power. Citing data from leading institutions including the International Monetary Fund (IMF), Cho described the Global South as a new engine of global change – driving economic growth, transforming supply chains and driving digital and technological innovation.
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“As an emerging power in consumption, production and innovation, the Global South is a key development partner,” he said. “LG Electronics is committed to long-term cooperation through sustainable technology and localised solutions.” His remarks are in line with LG Electronics’ commitment to fast-growing Global South countries, vowing to turn the region’s specific challenges and opportunities into practical business solutions.
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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 last month laid the foundation for a new home appliance plant in India, which will serve as a regional production hub for India and neighbouring markets including the Middle East and Bangladesh.Meanwhile, LG Electronics last week said it will lay the foundation for a new home appliance factory in India. With an investment of $600 million, the facility will begin production by the end of 2026.
