Sunday, April 2, 2023

LG global CEO sees growth in East African market

LG Electronics (LG) CEO William Cho, emphasized that the company will continue to strengthen its business operations in East Africa, as part of its drive to grow sales and revenues in emerging markets.

This comes as LG, whose global sales exceeded over USD 63 billion in 2021, seeks to grow its market share in the region, billed as one of the fastest-growing economic blocs in the world, with a population of 284 million people.

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CEO Cho noted that East Africa is a promising market given the strong economic fundamentals underpinned by a youthful, rapidly urbanizing middle-class population, and investment on infrastructure and other key sectors of the economy.

“We see great opportunities in this market and hence will continue to strengthen our business relationships in countries in the region,” said Mr. Cho. He said this while on a visit to Tanzania, where he met senior government officials led by Prime Minister Kassim Majaliwa, while pledging the company’s commitment to expanding its distribution and retail network to support the growth of local communities and the economy.

This is the first visit of CEO Cho to East Africa since his appointment in December 2021. During the visit, Mr. Cho also drummed up support for Korea’s bid to host the World Expo 2030, in Busan, the country’s second-largest city.

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Korea is accelerating its bid to host the World Expo 2030 ahead of a vote in November 2023 by the 170 member States of the Bureau Internationale de Expositions, the global agency overseeing the event. Other cities that have bid to host the expo are Moscow, Riyadh, Odessa, and Rome.

“We are optimistic that Korea will host this important global event, which is also an opportunity to think about and find solutions to the global challenges we are facing. As a company, we are working with the Government of the Republic of Korea in building international support for Busan’s bid,” said Mr. Cho.

Tanzanian PM Majaliwa lauded LG for creating *opportunities for locals through its electronic appliances and products which are popular in Tanzania* . “We applaud LG for the contribution to our economy and assure of our Government’s support in creating a conducive environment for local and foreign companies willing to do business in Tanzania,” stated the PM.

LG is currently expanding its footprint in Kenya, Tanzania, Ethiopia, and Sudan, opening new shops and refurbishing existing ones, to meet the rising demand for its home appliances, entertainment, and air conditioning products

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