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Leading Electronics manufacturer LG intends to expand its footprint in the East Africa region by opening new stores and expanding existing ones to meet the increasing demand for its products.
LG Electronics (LG) CEO William Cho, emphasized that the company will continue to strengthen its business operations in the region, as part of its drive to grow sales and revenues in emerging markets.
The expansion which targets Kenya, Tanzania, Ethiopia and Sudan comes in the wake of increased demand for its home appliances, entertainment and air conditioning products.
CEO Cho noted that East Africa is a promising market given the strong economic fundamentals underpinned by a youthful, rapidly urbanizing middle-class population, and investment on infrastructure and other key sectors of the economy.
“We see great opportunities in this market and hence will continue to strengthen our business relationships in countries in the region,” said Mr. Cho.
He said this while on a visit to Tanzania, where he met senior government officials led by Prime Minister Kassim Majaliwa, while pledging the company’s commitment to expanding its distribution and retail network to support the growth of local communities and the economy.
This comes as LG, whose global sales exceeded over USD 63 billion in 2021, seeks to grow its market share in the region, billed as one of the fastest-growing economic blocs in the world, with a population of 284 million people.
Tanzanian PM Majaliwa lauded LG for creating opportunities for locals through its electronic appliances and products which are popular in Tanzania. “We applaud LG for the contribution to our economy and assure of our Government’s support in creating a conducive environment for local and foreign companies willing to do business in Tanzania,” stated the PM.
