LG Bangladesh’s MD highlights vital role of CSR in global companies
Corporate Social Responsibility (CSR) has evolved into a crucial element of business strategy for global companies operating in emerging markets like Bangladesh. LG Electronics Bangladesh has been at the forefront of this movement, demonstrating a profound commitment to empowering communities and fostering sustainable development through their initiatives. In a recent interview, Peter Ko, Managing Director of LG Bangladesh, shared his insights on the significance of CSR and its impact on both the community and the company
Could you elaborate on why CSR is important for global companies, particularly in developing countries?
Peter Ko: Corporate Social Responsibility is not just a trend; it’s an essential practice for any company aiming to make a meaningful impact in today's world. For global companies, especially those operating in developing countries, CSR serves as a bridge between business goals and societal needs. It helps in building trust, enhancing the company's reputation, and fostering goodwill among the local communities. More importantly, it addresses critical issues such as poverty, education, and healthcare, contributing to the overall development of the region.
For LG Bangladesh, these efforts are about more than just charity; they are about creating lasting change
How does CSR play a role specifically in the context of Bangladesh?
Peter Ko: Bangladesh, with its diverse and dynamic population, presents both challenges and opportunities for CSR initiatives. The country has made significant strides in economic growth, but disparities remain, particularly in rural areas. CSR activities here can address these disparities by focusing on education, healthcare, and women's empowerment. By supporting underprivileged communities and promoting sustainable development, companies can contribute to the nation's progress and create a more inclusive society. For LG Bangladesh, these efforts are about more than just charity; they are about creating lasting change.
Can you share some examples of LG’s CSR projects in Bangladesh and their impact?
Peter Ko: Absolutely. Over the past decade, LG Bangladesh has driven impactful CSR initiatives. From 2011 to 2013, we partnered with the World Food Programme to enhance food security and community resilience. In 2014, our LG GNB program ran health campaigns across the country. In 2016, we collaborated with the JAAGO Foundation to establish the LG IT Academy, providing IT education to underprivileged children. In 2017, we created the "LG Life's Good Trust Fund" at the University of Dhaka, offering scholarships to physically challenged students. More recently, the LG Inverter Class, launched with KOICA and BMET in 2019, provides job training to tackle youth unemployment. During the COVID-19 pandemic, we donated high-quality testing kits to icddr’b Hospital, enhancing diagnostic capabilities. Since 2017, the LG Ambassador Challenge has supported local projects addressing education, clean water, and more. Beyond these, there have been many other projects aimed at benefiting society in Bangladesh, reflecting our commitment to sustainable development and community empowerment.
LG Electronics remains committed to leading by example and inspiring other companies to recognize the importance of CSR in driving positive change
Why is CSR particularly important to LG Electronics?
Peter Ko: For LG Electronics, CSR is deeply ingrained in our corporate philosophy. We believe that a business can only be truly successful when it contributes positively to society. Our commitment to CSR is driven by our desire to be a responsible corporate citizen and our belief in the transformative power of technology and innovation. By investing in CSR initiatives, we aim to create shared value for both our business and the communities we serve. It strengthens our relationship with customers, enhances employee engagement, and ultimately leads to sustainable business growth.
In conclusion, CSR is not just a corporate obligation for LG Bangladesh; it is a strategic imperative that aligns with our core values and business objectives. By addressing the unique needs of the Bangladeshi communities, we are not only fostering development but also building a brighter future for all. LG Electronics remains committed to leading by example and inspiring other companies to recognize the importance of CSR in driving positive change.