LG Electronics Chief Executive Officer (CEO) Lyu Jae-cheol said Monday the company will spare no effort to foster its robot business this year, noting the field where the company can leverage its accumulated know-how in the era of artificial intelligence (AI). "Amid the expansion of the AI drive, we plan to focus on four key areas — robots, cooling solutions, smart factories and AI home — where LG Electronics holds distinctive capabilities and strong growth potential," Lyu was quoted as saying during a shareholders' meeting in Seoul. "With technological advances in physical AI and the robot industry accelerating faster than expected, the company will designate this year as the beginning of full-scale implementation of the robot business and roll out detailed strategies promptly," Lyu added, according to the company. Under the plan, LG Electronics will seek to produce own actuators, which account for around 40 percent of robots' production costs, to enhance its business-to-business portfolio. With its competitive manufacturing infrastructure, LG Electronics aims to emerge as a key act