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South Korea's LG group plans $10bn leap into China

Published on .

BEIJING -- LG Group, one of South Korea's largest organizations, is ready to vault into the Chinese market with its ambitious Leap 2005 plan, Business Weekly reports.

LG regards China as its most important market and plans to invest $10bn in China's electronic, chemical, industrial system and telecommunications industries by 2005, says Moon Ho Lee, president of LG Group's Chairman's Office.

"LG expects to capture a leading position in the Chinese market and aims to become the most popular group company in the country," he says. LG anticipates long-term development in China, and isn't just focusing on short-term benefits. Its strategy extends to the 21st century.

The company has more than 30 projects in China, including color televisions, videocassette recorders, elevators, escalators, electronic parts, shipping containers, building materials and cosmetics.

Copyright June 1997, Crain Communications Inc.

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