UPDATE 1-LG Electronics investing heavily in smartphones

Published: 03 Nov 2009 17:48:34 PST

* Sees Apple, Research In Motion as smartphone competition

* Investing heavily now, expects to become a player

WASHINGTON, Nov 3 - LG Electronics Inc is investing heavily in developing its smartphone business as it faces increasing global competition, LG's chief executive said on Tuesday.

LG CEO Yong Nam told an audience at the Woodrow Wilson International Center for Scholars that his company no longer sees Nokia Corp and Sony Ericcsonas the traditional handset competition.

Instead, it now views competition as Apple Inc, maker of the popular iPhone; Canada's Research In Motion Ltd , which makes the BlackBerry handsets; and Palm Inc, he said.

He declined to provide estimates of LG's smartphone sales for 2010.

But he told the the audience that "we are investing heavily" at the moment in smartphones. "We're not yet there but we'll get there."