[DigitalToday reporter Suk Dae-geon] LG Electronics aims to double sales in emerging markets by 2030. LG Electronics said on Saturday it has set a goal to grow sales by 2030 to twice the current level in parts of the global south including India, Saudi Arabia and Brazil.

It is a strategy to maximise growth in markets with high potential and use that as a foundation for the company’s mid- to long-term growth. CEO Ryu Jae-cheol (류재철) also laid out the plan in his first message after taking office late last year. The company also stressed that the move reflects an intention to improve a regional portfolio weighted toward advanced markets such as South Korea, North America and Europe.

Combined sales in the three countries totalled 6.2 trillion won last year, up more than 20 percent from 2023. It was more than twice the company’s overall sales growth rate over the same period. The company described this as notable growth based on the potential unique to emerging markets, despite a global economic slowdown and a delayed recovery in demand.

LG Electronics will invest more than $200 million in southern Brazil’s Parana state to build a new production facility, aiming to start operations within this year. The site will cover 767,000 square metres, with a total floor area of 70,000 square metres. The new plant will produce premium products and items tailored to local needs. Adding the new plant under construction in Parana to its existing production base in Manaus in northern Amazonas state is expected to raise annual local production capacity in Brazil for premium home appliances and parts to 7.2 million units.

In India, it is rolling out the “Essential Series”, a line of India-specific home appliances planned with local customers’ preferences, lifestyles and purchasing power in mind. The India-only washing machine is designed to enable stable water supply even in areas with low water pressure. It also includes a washing function for hard water, where detergent does not dissolve well. Air conditioners are designed to provide strong cooling even in harsh local summer conditions where temperatures rise to as high as 55 degrees Celsius. LG Electronics is No. 1 in major home appliance market share in India.

In Saudi Arabia, it entered the market starting in 1995 with a partnership with Shaker, the country’s largest home appliance distributor, and has continued cooperation for more than 30 years. The two companies are also conducting research and development on region-specific technologies, including HVAC technology designed to deliver optimal efficiency in extremely hot climates.

LG Electronics signed a series of large supply memorandums of understanding last year for Saudi government-led development projects. They include supplying cooling solutions to what it called the Middle East’s largest “net-zero AI data centre” for a smart city development project, and supplying AI home and smart solutions for a high-end housing complex construction project.

An LG Electronics official said, “We are also continuing region-tailored social contribution activities in these regions,” adding, “Rather than simply pursuing profit, it is about seeking sustainable growth together with the region by fulfilling responsibility and dedication for local communities.”