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LG set to make major West Virginia economic development announcement

LG CEO William Cho will join Gov. Jim Justice and WVU President E. Gordon Gee for major economic development announcements today. (Photo Provided)

CHARLESTON — Gov. Jim Justice and a major international communications and electronic company are set to announce significant economic development announcements today.

As first reported by WOWK-TV Tuesday and confirmed independently, South Korea electronics company LG will announce a series of projects today following a meeting of the West Virginia Economic Development Authority.

According to an invitation sent out on behalf of West Virginia University President E. Gordon Gee and Vantage Ventures — a project of the John Chambers College of Business and Economics — LG CEO William Cho will join Gee and Gov. Jim Justice at 4 p.m. today at the West Virginia Culture Center on the grounds of the State Capitol Complex in Charleston for a “transformational announcement.”

The Culture Center event follows a 1 p.m. special meeting today of the Economic Development Authority Board of Directors. There is no agenda available for the meeting on the EDA website, but according to a meeting notice search on the Secretary of State’s website, the meeting is for the board “to consider approval of a resolution related to the provision of a loan or loans to support a project (or projects) in Kanawha, and/or Jefferson, and/or Monongalia Counties, West Virginia.”

A source who declined to be identified provided a copy of the invitation which has not yet been made public. According to another source who asked to remain anonymous due to not being cleared to discuss the announcement, the proposed LG projects are for IT services and a possible innovation hub.

LG is a South Korea-based manufacturer of technology and consumer electronic goods, including cell phones, appliances, TVs and home entertainment, electric batteries for vehicles, and more. The company has an international workforce of more than 74,000. LG’s Business Solutions division focuses on IT products.

LG launched its first innovation hub, called NOVA, in 2021, aimed at assisting entrepreneurs and new business start-ups be able to bring their ideas to fruition and scale up.

“LG NOVA will engage with innovators in North America and around the world who are creating accessible, socially impactful solutions that push the envelope of the technologically advanced lifestyle,” according to a 2021 press release. “The innovation center is focused on catalyzing solutions that improve accessibility, mobility, usability and connectivity – for home, work, school and life, as well as ideas and approaches for carbon reduction and renewable energy.”

Cho, LG’s chief strategy officer, was made CEO of LG at the end of 2021. Since 2021, Cho has led LG’s efforts at business incubation and working with new business start-ups.

Steven Allen Adams can be reached at sadams@newsandsentinel.com

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