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LG Electronics eyes $3b sales in ME, Africa
MUSCAT — Buoyed by the upswing in the construction industry in the Gulf, South Korean conglomerate LG Electronics is targeting a significant growth in its sales in the Middle East and Africa region this year.
It said turnover in the region was expected to top $3 billion, compared with $2.3 billion in 2006. "Our business in the GCC last year grew by 37 per cent mainly because of the boom in the construction sector. We expect a further 40 per cent growth in 2007," C H Lee, President, LG Electronics - Middle East and Africa, told a Press conference here on Sunday, hosted by local distributors Oman Gulf Enterprises, an OTE Group company.
He noted the growth in the building industry had led to a sharp rise in demand for air conditioners and home appliances in particular. Claiming LG was the "top selling brand" in the Sultanate and other Gulf countries, he said: "Oman is one of our strategic countries... We are now focusing more on the Omani market. Lots of new projects are coming up here." Lee also revealed that a recent market survey throughout the region conducted by the company, a global leader in consumer electronics, home appliances and mobile communications, had shown that health was one people's biggest concerns.
LG's new range of products, he added, was designed and manufactured incorporating the findings of the study. The survey covered 1,000 people, with more than 90 per cent of them clearly pinpointing health as a top priority issue for them. They said they experienced more health-related problems over the preceding 12 months. Respiratory, skin and nutrition related diseases were identified as the most common across the region. "We found that people are concerned about living healthy lives," Lee said, adding: "Our new products are based on the insights and ideas that we got from our research." The new "full health-friendly" product line, including air conditioners, refrigerators, washing machines, microwave ovens, vacuum cleaners and air purifiers, was later unveiled.
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