LG, South Korean electronics major, is planning a 15% increase in its export from their operation in India in a span of two years.
Approximately 10% of the manufactured products of LG in India are being exported to 80 countries in South Africa, Middle East, South America, and South-East Asian regions.
Soon Kwon, LG Electronics India Managing Director, told PTI that "Within the next two years, the export contribution would go up to 15 percent of the total production of the Indian unit."
He also added that the company's export products like washing machine, LED/LCD TV, and refrigerators will be increased in numbers.
Kwon said that the export business is increasing yearly. About 10% of LG's business in India comes from export business. He also added that the company is "probably the largest exporter of consumer electronics from India"
At present, 90% of LG India's products are being manufactured locally.
Kwon said "LG India is localised in terms of manufacturing and manpower. In terms of the localisation of business, none of the MNCs has higher local contribution than LG." Soon Kwon receives "Man of Electronics Award" by Consumer Electronics and Appliances Manufacturers Association.
He said that manufacturing LCD/LED TV panels in India is being considered by the company. LG is currently analyzing the market that he refused to give the time frame.
When asked about India's response on the company's global products like Ultra HD, he said: "India is still in a very minimal stage yet. We are looking over all business potential of the future. Within next 2-3 years you will see lots of models in 4K high definition TVs".
Product categories are not considered a challenge for Kwon. It is the business innovations that challenged him. LG in India is currently exporting on over 80 countries in South East Asia, Middle East, and South Africa as well as on Mexico, South America, and the Caribbean.