LG CEO spells out Middle East's strategic role in company's global growth

This was outlined by Mr. Yong Nam, CEO and Vice-Chairman of LG Electronics, during a brief visit to the UAE last week. This was Nam's first visit to the Middle East and Africa after taking up the top job in January this year.

Speaking at an LG forum held in Dubai, Nam said that in order to become one of the global top three, LG will focus on implementing strategies that will drive profitability while creating value and user experience for its consumers. He detailed the global factors that would impact the performance of the industry and laid out LG Electronics' strategy to redefine its processes in order to achieve competitive advantage and encourage innovation.

"LG has empowered its consumers around the world by allowing them to be the first to experience the advantages of innovative technologies," Nam pointed out. "We have achieved market recognition for this pioneering vision globally and are keen to continue that winning spirit in the Middle East and Africa regions."

"In order to remain a leader in the industry, LG will continue to pursue and introduce cost-effective solutions that will greatly enhance the lifestyles of its consumers," he added.

"In this regard, we have observed the Middle East as an important market that will dictate our strategies for the future, chiefly because of the high levels of disposable incomes and increasing awareness about the latest technology trends."

Under the leadership of Nam, known for his strategic outlook, in-depth IT industry experience and global perspective, LG Electronics is expected to move to new heights, becoming a highly profitable technology leader with strong brand power. Nam has more than 30 years of experience in LG Electronics, LG Corporation and LG Telecom.

Nam began his career in LG Electronics in 1976, and began working for the chairman's office in 1989. He holds a B.A in Economics from Seoul National University.

Prior to his appointment, he served as the Head of Strategic Business of LG Corporation, working on strategic business initiatives and directly supporting LG's Chairman, Mr. Bon-Moo Koo. He also served as Chief Executive Officer and Director of LG Telecom from October 1998 through May 2006, during which time he oversaw the company's rapid transformation into a highly profitable organisation.

Nam added that LG's keen insight into the Middle Eastern and African markets has led to the simultaneous introduction of successful concepts in the regional market. "By achieving instant success with innovations such as the Time Machine TV and the Chocolate phone last year, we are confident that the MEA region will react as positively to the upcoming launches of the LG Shine and PRADA handsets as well as the dual-format DVD player," he added.

Nam previously visited Dubai eight years ago as head of LG's multimedia division. "There has been a tremendous amount of change in the region since then," he added. "With the rapid and positive developments sweeping the region, we remain confident of our own success in the Middle East."