Export hub on LG screen

Published on : April 19, 2017 Topic : Companies

New Delhi, April 18 (PTI): Korean consumer electronics giant LG is looking at making India its export hub, banking on the good ties between the two countries at a time its overseas shipments from China are declining.

According to LG Electronics India managing director Ki Wan Kim, one of the main reasons for the company to look at making India an export hub is the tension prevailing between Korea and China.

LG, which has two manufacturing units in India, exports to West Asia and countries in the eastern coast of the African continent.

Around 10 per cent of sales of the company's Indian arm - LG Electronics India - are currently from exports. Last year, LG Electronics had sales of Rs 22,000 crore.

"On the other hand ties between South 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," Wan said.

When asked if LG is scouting for more global markets for exports from India, he replied in the affirmative saying it is looking for countries where there is little or no manufacturing.

Earlier, LG used to serve such markets from China but "it is declining gradually", Wan added.

"Already we are exporting from Noida and Pune to West Asia mainly in Saudi and Iran and African countries on (the eastern coast of the continent)," he said.

Source: www.telegraphindia.com
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