by MTHULISI SIBANDA
JOHANNESBURG, (CAJ News) – THE Korean firm, LG Electronics, is wary of prevailing geopolitical risks and the competitive paradigm with Chinese companies.
These are impacting on its Future Vision 2030, announced two years ago.
LG noted the global market recovery was experiencing prolonged delays, while geopolitical risks, such as shifts in trade policies in major nations, were becoming more pronounced.
The competitive paradigm with Chinese companies was also shifting from price-based competition to a more sophisticated focus on technology.
“Amidst unprecedented market uncertainties and a shifting competitive landscape, we require a fundamentally different level of strategies and precise execution,” said Chief Executive Officer, William Cho.
Speaking in the United States, he said despite the challenging environment, significant opportunities remained.
“By focusing on delivering differentiated customer value, we will create continuous growth,” Cho added.
As a part of the Future Vision 2030, LG aims to expand its existing device-centric business into mobility and commercial spaces.
By leveraging decades of customer relations, the company seeks to transform into “a smart life solutions provider that connects and enhances customer experiences.”
Previously, LG announced its plan to inject over KRW50 trillion (US$32,2 billion) to drive portfolio transformation and qualitative growth.
– CAJ News