LG plans to make India export hub
LG, the South Korean electronics major, is planning to make India as its export hub, on the back of improved ties between South Korea and India.
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, LG Electronics India 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.
According to LG Electronics India Managing Director Ki Wan Kim, one of the main reasons for the company to look at making India an export hub is due to tension prevailing between South Korea and China.
“India is becoming more competitive economically. With GST coming up, its secured and transparent taxation regime along with a stable political system would help in project as a bigger manufacturing hub,” Wan added.
Source: IBEF.org, TOI