LG looks to Africa and Middle East

02 March 2009

SEOUL: LG, the Korean electronics manufacturer, is hoping to offset the impact of the economic downturn in its more advanced markets by increasing sales by up to 20% in the Middle East and Africa.

Having seen sales increase by 22% year-on-year, to a total of $3.9 billion (€3.1bn; £2.7bn), in these to areas last year, LG predicts their demand for electronic goods will remain reslilient.

In particular, ceo Yong Nam argued that Africa "has the biggest potential to grow", largely because the "electrification" of the continent will increase consumers' appetite for electronic appliances.

South Africa will be a specific area of focus, both because it is one of the fastest-growing markets for mobile phones and new technology, and as it will be hosting the FIFA World Cup in 2010, increasing both tourism and domestic activity.

Data sourced from Wall Street Journal; additional content by WARC staff