‘We view the recession period as a once-in-a-lifetime opportunity,’ says LG Electronics’ Yong Nam – Despite the bleak prognosis, Nam, LG’s global chief executive and vice-chairman, says the company has a once-in-a-lifetime opportunity to take market share.

“We view this recession period as an opportunity. For example – we have a big opportunity in Australia because NEC, Philips and others have pulled out. In sports marketing we have the Formula 1 sponsorship that includes Melbourne. Formula 1 pursues technological innovation and stylish design. The image that we are trying to build is a perfect match with what Formula 1 is trying to achieve. Formula 1 suits our image and brand objectives. Our sponsorship renewal with the International Cricket Council will include Australia. The global sponsorship is for all ICC events over the next seven years. Events for this year include the Women’s World Cup Finals, World Cup qualifier and Twenty20 World Cup. Most of our competitors have been cutting, but we’ve been increasing. Research and development and brand building are two of our most important areas and we will not stop.”