LG Electronics announced a new partnership with Ricoh, a leading global office solutions company, on Thursday, aiming to strengthen its competitiveness in the global business-to-business market.

The memorandum of understanding, signed by Ricoh's President of digital services Takahiro Irisa and Paik Ki-mun, head of LG Electronics' information display business division, focuses on exploring new digital transformation services and expanding their B2B offerings.

“We will strengthen our position as a trusted partner by offering optimal solutions through strategic collaborations with global B2B companies,” Paik said.

Ricoh, renowned for its digital multifunction printers, has a presence in over 200 countries. The company offers a wide range of IT products, workflow automation solutions, IT services, consulting and video conferencing services, cementing its reputation in office solutions over an 80-year history.

With plans to roll out joint marketing initiatives and explore new business opportunities to deliver comprehensive corporate solutions, Ricoh’ Takahiro Irisa expressed optimism about the collaboration, stating, "By combining LG’s next-generation displays with Ricoh’s communication services, we will provide advanced office solutions to our customers.”

The partnership is part of LG's broader strategy to innovate its business portfolio. Earlier in August, LG announced plans to increase its B2B share of its total revenue to 45 percent by 2030. To achieve this, LG is shifting from simply supplying products to offering high-value, customized solutions tailored to customer needs, the company added.

According to global market research firm Market Research Future, the digital workplace market is projected to grow from around $33.7 billion in 2022 to $90.5 billion by 2030, with a compound annual growth rate of 15 percent.