LG to capture Pakistan market
LG Electronics, a South Korean company, has launched the world’s first 84-inch Ultra HD TV, equipped with 3D technology, in Pakistan with ambitious plans to invest billions of rupees to widen its product range and compete with fellow multinational Samsung in the market.
The 84-inch television ser carries a price tag of Rs. 2 million.
“We have decided to expand our operations by enhancing production capacities to capture growing consumer demand in Pakistan,” said DY Kim, President of LG Electronics Gulf.
“Currently, our production in Pakistan is only limited to televisions and LCDs, but in a couple of months we will start producing other household items like microwaves and washing machines,” he added.
LG Electronics is a global leader and technology innovator in consumer electronics, mobile communications and home appliances with 117 operations around the world.
LG achieved global sales of $49 billion in 2011. It is offering products in four segments – home entertainment, mobile communications, home appliances and air conditioning & energy solutions.
In Pakistan, LG is increasing investment to enhance production capacity, but Kim did not divulge exact figure and only said it would be in billions of rupees.
The company is looking to compete with Samsung, which has increased its market share in recent years.
“We want to give consumers with some other option and we are hopeful this will not take much time,” Kim said. LG is at second place in the US in the home entertainment segment, but in Pakistan it is behind. However, Kim believes that LG, with focus on longterm technologies, will be the strongest company in Pakistan in about a year.
“We want to cover the whole segment for consumers, we have launched 84-inch TV, which I believe is still in its infancy, but it is important to claim a stake in this space and tell our competitors that the company has enough brains to think for future needs.”
LG considers Pakistan an important strategic partner to focus on in a bid to further strengthen its presence here. Though the company is not offering a complete range of products at its first brand shop in Lahore, as it does globally, it hopes that it will fill the gaps in a couple of months.
LG is also working to enhance its product line in the mobile segment in Pakistan.