LG Electronics (SEO: 066570) CEO Yong Nam said going forward as the third-largest handset maker invests more heavily in smartphones it will no longer see Nokia and Sony Ericsson as its main competition, but rather Apple (NSDQ: AAPL), Research In Motion and Palm (NSDQ: PALM). The CEO made the statements at the Woodrow Wilson International Center for Scholars, reports Reuters.

Nam said “we are investing heavily” at the moment in smartphones. “We’re not yet there but we’ll get there.”

In Q3, LG Electronics was the third-largest handset maker worldwide, falling behind both Nokia (NYSE: NOK) and Samsung with 11 percent marketshare, up from 7.5 percent in the year ago period, according to IDC’s rankings. LG said it will launch an Android-based device in Q4 that is designed to target first-time smartphone owners. In addition, it committed to Microsoft (NSDQ: MSFT) to develop 50 new Windows Mobile phones by the end of 2012. That agreement included both companies — Microsoft and LG — increasing their investment in Windows Mobile by five-fold.