Mark Zuckerberg, CEO of Meta, formerly Facebook, is expected to meet with LG Electronics CEO Cho Joo-wan to discuss joint development of an advanced mixed reality headset, according to industry sources on Monday.

LG Electronics said it is currently arranging a meeting of the two leaders, as Zuckerberg is planned to visit Seoul this week.

"We are currently arranging the meeting, but nothing has been decided yet," an LG official said. While details of his trip is unknown, the most likely date for the meeting is Wednesday, industry sources say.

In their meeting, Zuckerberg and Cho are expected to discuss joint development of an advanced mixed reality headset -- combining augmented and virtual reality technologies -- to compete in the burgeoning market.

Global tech giants are seen joining forces to introduce the novel device, which is said to transform the entire IT industry and its usage. Apple launched its first AR headset, Apple Vision Pro, early this month. Samsung Electronics has teamed up with Qualcomm and Google to develop XR technology and is expected to launch its own XR headset this year.

Neither company has officially confirmed, but LG and Meta reportedly agreed to collaborate on creating an MR headset since last year. Under their collaboration, LG will be in charge of producing components for the devices, including displays and batteries. The two are also expected to work together on software development.

Their envisioned smart headset is expected to launch in 2025, at a price of about $2,000 -- about twice the price of the current Meta Quest Pro. The price is cheaper than Apple's Vision Pro, launched early this month in the US at $3,500.

Meta was one of the first tech giants to launch VR headsets in 2016. The company rolled out the Meta Quest 2 in 2020 and the Meta Quest Pro in 2022.

LG has also recently launched a team under its TV business unit which is dedicated to XR technology development, and has been hiring experts in the field since early this year.

At CES 2024, the tech show held in Las Vegas in January, Cho had said the company was looking to come up with a personal device using XR technology for a new business item, since the company shut down its smartphone business in April 2021 after suffering years of losses.

The global XR market is forecast to grow rapidly in the coming years. According to market tracker Counterpoint Research, the shipment unit of XR headset is expected to reach 3.9 million this year, manifesting a double-digit growth rate from last year.

Zuckerberg's visit to Korea comes after about a decade, the first official visit since 2013. During his trip, the Meta CEO is predicted to meet with President Yoon Suk Yeol and business leaders here, including Samsung Electronics Chairman Lee Jae-yong.