LG Sangsa and Hancom Group Join Forces for Joint Overseas Market Expansion

March 3rd 'Business Agreement for Overseas Joint Expansion' Signed

At the overseas joint expansion business agreement ceremony held on the 3rd at Hancom Tower in Gyeonggi-do, Kim Sang-cheol, Chairman of Hancom Group (right), and Yoon Chun-sung, CEO of LG Sangsa, are taking a commemorative photo. (Photo by LG Sangsa)

[Asia Economy Reporter Jihee Kim] LG International and software company Hancom Group are promoting cooperation to pioneer overseas markets.

LG International announced on the 4th that it signed a "Business Agreement (MOU) for Joint Overseas Expansion" at Hancom Group's headquarters in Pangyo, Gyeonggi Province on the 3rd. At the event, Yoon Choon-sung, CEO of LG International, and Kim Sang-chul, Chairman of Hancom Group, met and discussed business cooperation plans between the two companies. About 15 officials from both companies attended the signing ceremony, including Baek Poong-ryeol, Head of LG International's Solution Business Division, Shin Dong-heon, Head of LG International's Solution 2 Business, Yoon Won-seok, President of Hancom Group's Overseas Business Division, and Byun Sung-jun, CEO of Hancom Inc.

Under this business agreement, LG International will conduct marketing for the export and sales of various products and solutions under Hancom Group overseas. Hancom Group will provide support for products, services, and technologies related to this.

During the meeting, CEO Yoon and Chairman Kim reached a consensus on pioneering overseas markets and developing business models. They exchanged opinions on business cooperation plans in areas suitable for the changes in the 4th Industrial Revolution and post-COVID-19 markets, such as untact solutions, Internet of Things (IoT), artificial intelligence, robotics, and quarantine.

CEO Yoon said, "LG International's strength in advanced overseas networks and business planning capabilities can create new value for markets and customers in cooperation with Hancom Group," adding, "We will strive to derive concrete cooperation matters soon."

Chairman Kim also stated, "Having been verified through various references and users including government ministries, local governments, companies, and students during the COVID-19 pandemic, we expect that combining Hancom Group's technology with LG International's solid overseas infrastructure and business capabilities will be an opportunity to expand Hancom Group's overseas markets."

Industry insiders expect that this cooperation will bring positive synergy effects for both companies in terms of business. LG International is actively reviewing new business development across all business areas, including energy, industrial materials, and solutions. Hancom Group, an ICT convergence group, has about 14 affiliates including Hancom Inc., Hancom With, and Hancom Robotics. It is aggressively pursuing overseas growth by developing solutions such as artificial intelligence and software R&D, IoT-based platforms, intelligent home service robots, and smart cities.

An LG International official explained, "Recently, we have been focusing our capabilities to the fullest in new business areas by signing mutual cooperation agreements with institutions, associations, and various domestic and international companies in each business sector," adding, "The process of accelerating the visibility of new businesses is underway."

This content was produced with the assistance of AI translation services.