JEDDAH, 28 February 2006 — Korean electronic manufacturers are looking forward to a year of recovery against the background of the challenging 2005.
“The Korean industry was hit hard by the strengthening of the won against the dollar and rising raw material costs,” a Korean manufacturing giant said yesterday.
“We’re now well equipped to face the situation and hope to make a strong recovery, especially in our exports to Saudi Arabia,” Ki Wan Kim, president of LG’s Middle East & Africa operations, told Arab News on the sidelines of the launch of an “LG Friends” media forum at the Jeddah Hilton yesterday.
In spite of all the difficult business circumstances, the overall global sales of LG in 2005 were almost $24 billion, with the Middle East & African region recording $2.27 billion. “We’ve set up a similar overall regional sales target for 2006, which will mark a 20 percent growth compared to 2005,” said Kim during his first visit to the Kingdom after assuming charge in Dubai.
“With the strategies the LG has planned, it’s confident of being ranked among the top three globally and the world’s leading brand by 2007,” he said. Even in the field of mobile phones, LG is steadily increasing its share in this part of the world, he added.
Referring to the LG Friends clubs, which are being planned across the Kingdom, Kim, who was accompanied by C.K. Cho, general manager of LG for Saudi Arabia, said the club was essentially a “knowledge platform” to share industry information and knowledge with the local media.
Among others present were H.G. Ibrahim Shaker Company’s National Sales Manager Jamal N. Khatib, United Yousef M. Naghi Company’s Sales General manager for LG Home Appliances Raed R. Al-Rasheed and J. Al-Jassim Electronics Est.’s LG General Manager Khaled A. Mustafa.
“The objective is to share privileged electronics industry insights and information with the media through such clubs.” Kim said.
“In fact, ‘LG Friends’ initiative is LG’s gesture of appreciation, for the key role played by the media in enhancing brand awareness and providing relevant information to consumers.
Kim said that LG planned to open a series of such friends clubs in Riyadh and in the Eastern Province shortly. Membership is open to all media businesses, including print, visual and audio. There will also be monthly and yearly awards for the best editor, article, company news coverage and social events that generate high interest from readers and consumers.
“The clubs are part of LG’s strategy to support and highlight the vital contribution of media to the society and its keen support for companies operating across the Kingdom,” Kim said. LG being one of the world’s major players in the electronic industry hopes to increase its involvement within the social environment across the Kingdom, which is one of the most dynamic markets in the region, he added.