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LG plans to make India export hub

IBEF:  April 19, 2017

New Delhi: South Korean electronics major, LG, is planning to make India as its export hub, on the back of improved ties between South Korea and India, while its exports from China are declining due to existing tension between South Korea and China, as per Mr Ki Wan Kim, Managing Director, LG Electronics India (LGEI). LG has two manufacturing plants in India, through which it exports to the Middle East and African countries, and the company is exploring global markets to increase exports from India. In 2015-16, LGEI had sales worth Rs 22,000 crore (US$ 3.41 billion), and 10 per cent of its sales are from exports. Mr Wan further stated that, India is becoming economically competitive, and with the implementation of GST, India will become a stronger manufacturing hub, which is another factor leading to India becoming LG's export hub.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.