LG U+ Vice Chairman Kwon Young-soo is to push the company into the global market. Based on his experience in raising the liquid-crystal display (LCD) and electric vehicle (EV) battery sectors at LG Display and LG Chem to number one in the global market, Kwon also plans to foster LG U+ into a global leader in the global market.
It is hard to tap into the global telecommunications market because it is the area based on networks. However, it has become easier for mobile carriers to foray into and succeed in the global market as the Internet of Things (IoT) and artificial intelligence (AI) are increasingly related to the telecommunications sector.
Kwon is seeking to make the business go global with business to business (B2B) service rather than establishing its own networks. He will join hands with foreign key telecommunication service operators to launch new products and services in the global market instead of competing with them. Therefore, all eyes are on whether or not his new approach will work in the market.
Kwon held a press conference to reveal his impressions in the last 10 months after the inauguration and his future plans at the LG U+ headquarters in Hangang-ro, Seoul, on September 23. During the conference, he announced to set up business development teams for Japan and China in order to tap into the global market in the second half in earnest as well as a task force team for M&A.
Kwon said, “In the past, telecom service companies had not much things to do in the global market. However, they have more new business opportunities now with a partnership with foreign companies. For instance, we have identified chances in Japan as the country shows a slower growth rate in penetration of home IoT than Korea.”
LG U+ is also actively seeking to push ahead with M&A deals and equity investments. Once the Integrated Broadcasting Act is completely revised, the company plans to carry forward M&As in earnest with other media service providers, including cable TV operators, by going through the legal procedures.