LG Group to expand into new sectors<\/p>\n
JAKARTA (JP): South Korea's LG Group is set to boost its
\npresence in Indonesia by further expanding into real estate and
\nfinancial and agribusiness sectors despite Indonesia's current
\nmonetary crisis.<\/p>\n
LG Group's executive director Young Soo Kim told The Jakarta
\nPost yesterday its expansion was part of the group's vision of a
\n'leap 2005 philosophy' to strengthen their presence in the
\nAssociation of Southeast Asian Nations (ASEAN) region by the turn
\nof the century.<\/p>\n
\"The LG Group prioritizes Indonesia as a lucrative investment
\nspot in ASEAN,\" he said.<\/p>\n
Young said the LG Group was looking for local partners to
\nenter the new business sectors.<\/p>\n
However, he declined to mention the amount of investment in
\nthe sectors.<\/p>\n
The LG Group, which began its operations in Indonesia in early
\n1990, has operated several joint ventures with local partners.<\/p>\n
The group has signed at least six joint ventures with
\nIndonesian companies through LG Chemicals, LG Engineering, LG
\nInternational, LG Industrial Systems and LG Construction.<\/p>\n
LG Chemicals set up PT Sinar LG Plastic Industries in 1991 to
\nproduce PVC pipe with total production of 10,000 tons per year.<\/p>\n
LG Group, through LG Electronics, set up PT LG Electronic
\nDisplay Devices Indonesia in 1995 to produce electron guns,
\nmonitors, deflection yokes and flybacks.<\/p>\n
LG Electronics set up PT LG Bangunindo Electronics in 1994 to
\nproduce waterpumps with total production of 300,000 pumps per
\nyear.<\/p>\n
LG Electronics also set up PT Video Display Glass Indonesia to
\nproduce gas bulbs.<\/p>\n
LG Industrial Systems set up PT Humpuss LG Industrial Systems,
\na joint venture with the Humpuss Group, to produce motor control
\ncenter and relay panels.<\/p>\n
In late September this year, LG Insurance set up PT LG Simas
\nGeneral Insurance in a joint venture with the Sinar Mas Group to
\ndeal with general insurance businesses.<\/p>\n
Young said LG Group's operations in Indonesia had recorded
\nUS$349 million in revenue as of December 1996.<\/p>\n
LG Group, established in Korea in 1947, has become Korea's
\nthird largest conglomerate with 52 companies operating in 120
\ncountries worldwide. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/lg-group-to-expand-into-new-sectors-1447893297",
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