LG chairman sounds alarm over rise of Chinese rivals

LG Group Chairman Koo Kwang-mo sounded the alarm over aggressive investments by the conglomerate's Chinese rivals, saying LG companies “still have much to do” to strengthen their fundamental competitiveness. The group said Thursday that Koo made those remarks during a strategy meeting between LG Group CEOs at the conglomerate’s training institute in Icheon, Gyeonggi Province, a day earlier. The meeting was attended by over 40 top executives of LG Electronics, LG Display, LG Chem, LG Energy Solution, LG Uplus and other affiliates, including their CEOs and chief digital officers overseeing each unit’s artificial intelligence (AI) transformation. The participants shared their views on the increasingly challenging business environment and held in-depth discussions on ways to accelerate AI transformation as a way to overcome challenges, LG Group said. “Chinese competitors are making capital and human resource investments three to four times greater than ours,” Koo said. “Based on our shared view of the need to enhance fundamental competitiveness, we have been working on strategic