Joo Joo-wan, chief executive officer of LG Electronics, on the 15th referred to the Global South, which refers to developing countries outside the OECD, as 'emerging powerhouses in consumption, production, and innovation' and called them 'key growth partners.'
On that day, CEO Joo noted in a post on his social media that 'LG Electronics is committed to long-term cooperation with them through sustainable technology and localized solutions.'
He said, 'The Global South, once regarded as emerging countries, is now leading innovation and growth,' adding, 'This change will present challenges and opportunities for collaboration with LG Electronics.'
CEO Joo is leading corporate business-to-business initiatives in the heating, ventilation, and air conditioning (HVAC), commercial display, and high-efficiency systems sectors, following visits this year to subsidiaries in India, Indonesia, and Vietnam. He cited high economic growth rates, restructuring of global supply chains, digital acceleration, and technological innovation as growth drivers in the Global South.
He stated, 'As incomes rise in the Global South, demand for premium, high-efficiency products is increasing, and there is a growing need for efficient HVAC systems and energy management due to India's eco-friendly building projects,' and noted, 'LG Electronics meets these demands with sustainable solutions for homes and commercial spaces.'
Moreover, he mentioned, 'To maintain agility and competitiveness, we are currently working on localization in key markets including India, Southeast Asia, and the Middle East,' and added, 'We will implement faster market responses, higher customer satisfaction, and stronger regional strategies through end-to-end localized operations from product development to services in the Global South.'
LG Electronics' strategy is to respond to changes and innovation in the Global South through four growth pillars: electrification, service, digitalization, and regional self-sufficiency operations. Recently, as part of its localization efforts, LG Electronics has begun construction on its third local factory in Sricity, India.