Korean LG seeks Saudi investment opportunities

Published May 13th, 2001 - 02:00 GMT

Executives of the Korean LG Electronics company reported that they are seeking new investment opportunities in the kingdom of Saudi Arabia, according to Al-Sharq Al-Awsat daily. 


They added that LG is interested in expanding its Saudi investments portfolio, especially in light of the recent investment incentives offered to foreign companies by Saudi authorities 


At a press conference in Jeddah on May 8, LG’S chief executive in the Middle East and Africa estimated the company’s turnover in Saudi Arabia at $93 million per annum. He added that the company is planning to raise this figure to $130 million by the end of 2001—that is, to achieve a 40 percent increase. 


LG is expected to seek partnership agreements in the Saudi market, similar to those signed in the country by Philips and IBM. — (MENA Report)

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