“We go by our slogan ‘LIFE’S GOOD’ and we endeavor to provide our customers with the best products of smart technology in stylish design.” These words to Diplomacy and Trade by the new Managing Director (MD) of LG Electronics Magyar Ltd., Young W. Lee, well describe the mission of the Budapest-based company.
LG Electronics has been present in Hungary since 1992 with this subsidiary company that currently has regional authority for nine countries: Albania, Bosnia, Bulgaria, Croatia,Hungary, Kosovo, Macedonia, Montenegro and Serbia. “LG has had successful business here since and the Korean company came to love this country,” the MD adds.
“We are also engaged in constant innovation to make the customer more satisfied and give them better life quality.” The subsidiary company, he says, is to provide the best available products for all those consumers in these countries, “who are not ready to compromise style over functionality, and who need solutions to their needs instead of a simple electronic tool.”
In the region, the company is engaged in the distribution of products made by LGE worldwide and providing customer service for them. The product categories include home entertainment and home appliances, mobile phones, business solutions and air conditioning. “Basically, we are providing everything people may need in their everyday lives,” Young W. Lee points out.
The most popular products are flat-screen TVs and computer monitors where LGE is one of the top players on the market and “we are improving our position in the mobile phone business, as well. We also expand in other areas such as energy and lighting. Customers inHungary are very eager to get products of better and better quality. We are trying to respond to their needs by launching new products and provide better service.”
“We have close to 200 LG family members working for our subsidiary who are dealing with the sales and marketing tasks as well as carrying out the supporting functions to help the daily business conduct of the company,” he adds.
Regarding the world economic crisis, the MD says its impact on LG sales varied by the region. The European market suffered some difficulties but “now, the world economy is improving, we are ready to recover and jump up again. We are expanding our activities inHungary as well as globally.”
LG Electronics also endeavors to make sure the manufacturing process of its products is as 'green' as possible. “Production at LGE has been eco-friendly for many years now, eliminating from products any substances that could be hazardous to the health or the environment and the attention towards our environment is very much on top of our priority list,” the managing director stresses.
In 2009, LG announced the worldwide ‘Life’s Good When it’s Green’ program focusing on sustainability through Eco-Design and Eco-Products, reduction of hazardous materials, responsible electronics recycling and addressing global climate change. “We have issued a Green Report, which communicates all the commitments and results on this field,” he adds.
As a major world corporation, LG Electronics assumes social responsibility and is involved in the sponsorship of major events. Internationally, LG has great projects with respect to famine and disease alleviation in the developing countries of the world.
“We have a great sponsorship asset, Formula One, which we globally sponsor and locally activate. Formula One’s world has so many commonalities with LG that it was a logical decision to join them. Just to mention the most important one: we both share the passion for stylish technology that excites human emotion around the world. Last year, we had a very comprehensive F1 exhibition in Hungary, where we exhibited a F1 car collection worth GBP 2 million, on display in this part of the world for the first time. We had great success with this activation program,” Young W. Lee points out.
The managing director is new to Hungary, having arrived in December 2010. Previously, he was in charge of the product management section at LGE’s mobile communication division in Korea. “I like Hungary very much. First of all, people are great. They are kind, polite and – as I see it – they have a passion for growth. They have the pride that I think is the source of everything.”
As for Hungarian food, he got to like goose liver and palinka, the traditional Hungarian fruit brandy. “Actually, I find Hungarian and Korean food very similar, especially in spiciness,” he says. YoungW. Lee expects to stay here four years, according to company policy, and during this period, he “would like to call for our customers to expect more from LG and we are ready to provide the added value they want from us.”