LG to enhance exports from India up to 15 percent in the coming 2 years

LG electronics is planning to increase the number of exports from its Indian operations to around 15 percent over the upcoming 2 years. Presently, 10 percent of its products that are manufactured in India are exported to 80 countries in South Africa, South-East Asia, Middle East and South American regions.

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In an interview with PTI, LG Electronics, India Managing Director, Soon Kwon said, “Within next two years, the export contribution would go up to 15 per cent of the total production of the Indian unit.”he said. “ he company would increase exports of products like refrigerators, washing machines and LCD/LED TV as well as other categories.”he further added.

LG’s wholly owned auxiliary in India earned a turnover of Rs 16,000 crore in 2013. For LG electronics, India holds the position among top five markets globally. Soon Kwon said,“Every year, our export business is growing. Around 10 per cent of our business in India is coming from our export business and LG is probably the largest exporter of consumer electronics from India”.

Presently, LG India manufactures about 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. He was awarded the title of “Man of Electronics Award” by Consumer Electronics and Appliances Manufacturers Association.

Kwon also said that LG is also considering India for manufacturing panels for LCD/LED TVs. However, he declined to provide a set timeline for its execution by saying that LG is still studying the market.