© LS Cable n System Electronics Production | December 06, 2018
Korean manufacturer opens new plant in Myanmar
LS Cable & System held the ribbon-cutting ceremony for the Myanmar power cable plant, LS-Gaon Cable Myanmar, in mid November 2018. The company's latest production investment has now officially opened.
About a year ago, In November 2017, LS Cable & System invested about USD 22 million (about KRW 25 billion), and began to construct the 19'800 square metre plant on lot in the Thilawa Special Economic Zone near Yangon, Myanmar. Its subsidiary Gaon Cable and LS Cable & System Asia invested 50% respectively. LS Cable & System is planning to reinforce its marketing activities for the Myanmar Electric Power Enterprise and construction companies, and start penetrating the local market in earnest. Myanmar’s power cable market is growing by more than 10% a year on average due to fast industrialisation and urbanisation, but 100% of the overhead cables used in the transmission infrastructure are imported, and more than 60% of all power cables, including high-voltage(HV), medium-voltage(MV) and low-voltage(LV) cables, are imported, the company states in a press release. LSGM is planning to produce overhead cables and construction cables first, and expand the business to MV and HV cables. “Myanmar has so high growth potential that it is compared to Vietnam of 10 years ago,” says Roe-hyun Myung, President & CEO of LS Cable & System. “LSGM will capitalize on its advanced equipment and production capacity, better than those of local competitors, and collaboration with the HQ to pre-empt the market, and become No. 1 cable maker in Myanmar in 5 years.”