LG has become the first of the big tech companies to release a new flagship phone at the Mobile World Congress trade show .

The LG G5 will compete directly with the likes of Apple’s iPhone 7 and Samsung’s Galaxy S7 .

And although LG has packed it with the latest components, one brand new feature has got gadget fans very excited.

A unique slide-out expansion slot at the bottom of the smartphone can be used with a range of accessories the South Korean company has also been developing.

A VR headset, 360-degree camera, Hi-Fi DAC (digital-to-analogue) sound system and even a remote-controlled robot were some of the accessories revealed.

Launched at a special event held in Barcelona a day before the MWC officially kicked off, the accessories are called "LG Friends" and the company says there are more on the way.

LG's range of accessories, called "LG Friends" that will plug into the LG G5

"Today’s consumers are just looking elsewhere - such as at action cameras or drones," said Juno Cho, the CEO of LG who appeared on stage to launch the device.

"But here at LG we believe phones are way too powerful to just take pictures and post them on social media."

LG is working with Danish audio experts Bang & Olufsen and drone manufacturer Parrot to help create these plug-in additions.

The phone itself has all the necessary components to try and lure customers away from iPhones and Samsung Galaxy handsets.

It's built from a metal unibody and boasts 32GB of storage space with more available through a microSD card. There’s 4GB of RAM and a 2,800mAh battery.

An LG executive reveals the VR headset add-on for the LG G5 on stage in Barcelona

LG has opted for a 5.3-inch screen with a 2560 x1440 resolution and an always-on feature which means the time (and any important notifications) are always displayed on the screen without draining the battery.

The phone runs the latest version of Google's Android operating system.

The LG G5 also adopts the new USB-C connector for charging and connecting to a PC. Although a few gadgets, such as the OnePlus 2, started to use this last year it’s still relatively scarce. The new connection is faster but it will mean all your old charging cables are obsolete.

Other companies are expected to launch a slew of smartphones and other gadgets over the next week at the MWC event.

LG's biggest rival is Samsung, which is widely expected to reveal the Samsung Galaxy S7 later today.

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