LG International concludes an agreement with Hancom Inc. for overseas expansion2020.06.08
■ Both companies have great expectations for the overseas marketing and cooperation for new businesses that will stem from their strategic partnership
LG International (LGI) carries out omnidirectional cooperation with Hancom Inc., a representative software company in Korea, in relation to their business in the global market.
On June 04, LGI stated that CEO Yoon Chun-sung had a highly constructive meeting with Chairman Kim Sang- chul of Hancom Inc. to conclude an MOU for joint overseas expansion and further discuss business cooperation methods between both companies.
The conclusion of the MOU took place in the company building of Hancom Inc. located in Pangyo, Gyeonggi-do, and a total of 15 major interested parties from both companies participated. According to the MOU, LGI will proceed with marketing for the exportation and sales of the various products and solutions of Hancom Inc., while Hancom Inc. will be responsible for the active support of the products, services, and technologies.
The representatives of the two companies held a discussion session to form a unique bond of sympathy regarding the development of the global market and innovative business models and exchange a range of opinions centered around business cooperation in untact solutions that are suitable to the fourth industrial revolution and post-corona market changes, the Internet of Things (IoT), artificial intelligence, robotics, the prevention of epidemics, and many other fields.
Regarding the newly established cooperation between the two companies, CEO Yoon of LGI explained that the strengths of LGI, which include an advanced global network and business plan abilities, will be able to create new values to both the market and customers, and that the company will strive to draw detailed cooperative measures in the near future.
Besides, Chairman Kim shared his opinion that expectations are high that such an opportunity will lead to the expansion of the overseas market of Hancom Inc. if the solid global infra and business capabilities of LGI can be integrated to the technologies of Hancom Inc.; especially as they have been verified by government institutions, local governments, companies, students, and other diversified references and users during the COVID-19 pandemic.
LGI has been giving positive consideration to fresh business development in all of its business fields including energy, industry material, solutions, and others. Especially, earlier this year, the company announced a further expansion of the roles and the importance of ‘distribution and trading’ which is the fundamental function of a general trading company. In addition to this, LGI also plans to develop the ICT solution businesses as well as enter the healthcare-related businesses in the medical and healthcare fields.
Hancom Inc., which is an ICT convergence group, possesses about 14 affiliates including Hancom, Hancom With, Hancom MDS, and Hancom Robotics. Along with the R&D solution for artificial intelligence, software, and other areas, the company has been aggressively conducting businesses in the IoT-based platforms, an intelligent home service robot development, smart city, and others to plan for overseas expansion. Along with this, when considering Hancom Lifecare that manufactures personal safeguards, Hancom and LGI will definitely be able to plan collaborative work in more diversified areas.
Last but not least, a representative from LGI mentioned that LGI has been purposefully focused on new businesses by concluding agreements with diverse institutions and companies in Korea and overseas to enact cooperation, for the process of accelerating the realization of new businesses.