LG CEO vows to grow together with partners

Cho Joo-wan, CEO of LG Electronics, stressed that the role of its partner companies is more important than ever to achieve the company’s 2030 vision, which is to reach a sales target of 100 trillion won ($77.2 billion) by year's end, and pledged to improve collaboration with them, according to the company, Wednesday.

LG said Cho and the company’s executives had a workshop meeting with CEOs of 84 partner companies at LG Digital Park in Pyeongtaek, Gyeonggi Province. The CEO urged both LG Electronics and partner companies to reinvent their ways of working and communication, to foster mutual growth and development.

“I am expressing my sincere gratitude to the partner companies that have worked towards achieving business performance despite the challenging environment,” Cho said during the meeting. “I believe that close communication and partnership with our partners is crucial to achieving our 2030 vision, which was announced in July.”

In July, Cho announced that LG aims to achieve 100 trillion won in sales by 2030 by transforming into a "smart life solution company." To that end, LG will focus more on the business-to-business (B2B) sector, such as the automotive electronics business, and the company will earmark 25 trillion won for R&D, 17 trillion won for facility investments and 7 trillion won for strategic investments over the next eight years, totaling over 50 trillion won until 2030.

From LG’s side, the workshop was attended by the CEO, as well as the heads of various business divisions including Lyu Jae-cheol, head of the company's home appliance and air solution division; Park Hyoung-sei, head of the home entertainment division; Jang Ik-hwan, head of the business solutions division and Eun Seok-hyun, head of the vehicle component solutions division.

The cooperative workshop also expressed its commitment to actively participate in the journey towards the 2030 vision.

During the meeting, LG also introduced various cases of digital transformation applied to production processes, such as an AI-based unmanned quality management system, to enhance productivity. The importance of reducing carbon emissions in the manufacturing process of partner companies was also emphasized.

Furthermore, LG held an award ceremony for partner companies that actively participated in programs aimed at achieving innovation in cost, technology and quality. A total of 600 million won in prize money, with 50 million won each, was awarded to 12 outstanding partner companies.