LG to invest $700m in Asia

LG to invest $700m in Asia

SEOUL (Reuter): South Korea's LG Electronics Inc, a unit of LG Group LUGG.CN, said yesterday that it would invest US$700 million in Asia, excluding Japan and China during 1996-2000.

A company statement said this would bring LG Electronics sales to $4 billion from the region in 2000.

The company targets regional sales of $1 billion this year and $1.7 billion in 1997.

LG will invest $300 million in expanding an electronics complex in Indonesia. Projects include capacity expansion of color televisions, refrigerators, color picture tubes and color display tube plants, it said.

LG also intends to spend $300 million in India by 2000 and the remainder in other Asian countries. LG Group earlier announced its member firms would invest a total of about $5 billion during the period in various projects in the region.