LG hails role of Middle East in future growth

Electronics vendor LG has revealed an ambitious strategy to become one of the top-three global consumer electronics vendors in terms of market share, and claims that the Middle East and Africa region has an important role to play in realising this vision.

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By  Dawinderpal Sahota Published  March 26, 2007

Electronics vendor LG has revealed an ambitious strategy to become one of the top-three global consumer electronics vendors in terms of market share, and claims that the Middle East and Africa region has an important role to play in realising this vision. Yong Nam, CEO and vice-chairman of LG Electronics, recently visited the UAE in his first trip to Middle East and Africa since assuming the top job in January this year. During his visit he declared LG will focus on implementing strategies that will drive profitability, achieve a competitive edge and encourage innovation. “LG has empowered its consumers around the world by allowing them to be the first to experience the advantages of innovative technologies,” said Nam. “We have achieved market recognition for this pioneering vision globally and are keen to continue that winning spirit in the Middle East and Africa regions.” Nam, who has over 30 years of experience at LG, added that the vendor’s keen insight into the Middle Eastern and African markets has led to the simultaneous introduction of new products into the region. “By achieving instant success with innovations such as the Time Machine TV and the Chocolate phone last year, we are confident that the MEA region will react as positively to the upcoming launches of the LG Shine and Prada handsets as well as the dual-format DVD player,” he said. “We have observed the Middle East as an important market that will dictate our strategies for the future, chiefly because of the high levels of disposable incomes and increasing awareness about the latest technology trends,” he added. Prior to his appointment, he served as the head of strategic business of LG Corporation, working on strategic business initiatives and directly supporting LG’s chairman, Bon-Moo Koo. He previously visited Dubai eight years ago as head of LG’s multimedia division. “There has been a tremendous amount of change in the region since then,” he added. “With the rapid and positive developments sweeping the region, we remain confident of our own success in the Middle East,” he concluded.

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