photo 1. Cha-yub Koo, Chairman of LS Cable & System(fourth from left), Roe-hyun Myung, President & CEO of LS Cable & System(third from left), Jae-in Yoon, CEO of Gaon Cable(first from right), Yong-hyun Shin, CEO of LS Cable & System Asia(second from left), Tae-won Son, CEO of LSGM(first from left), Sang-hwa Lee, Korean Ambassador of Myanmar(fourth from right) cut a ribbon while celebrating the opening of the firm’s power cable plant at Thilawa Special Economic Zone near Yangon, Myanmar, November 14.
photo 2. A panoramic view of LSGM plant
■ The largest facility in Myanmar, producing cables for transmission infrastructure/construction
■ Aiming to pre-empt the market, and become the No. 1 cable maker in Myanmar in 5 years
LS Cable & System (President & CEO Roe-hyun Myung) announced on November 14 that it held the ribbon-cutting ceremony for the Myanmar power cable plant (LSGM; LS-Gaon Cable Myanmar).
More than 150 people, including Cha-yub Koo, Chairman of LS Cable & System, Roe-hyun Myung, President & CEO of LS Cable & System, Jae-in Yoon, CEO of Gaon Cable, Yong-hyun Shin, CEO of LS Cable & System Asia, Tae-won Son, CEO of LSGM, Sang-hwa Lee, Korean Ambassador of Myanmar, were present at the ceremony.
In November 2017, LS Cable & System invested about 22 million (about KRW25 billion), and began to construct the 19,800m² (6,000 pyeong) plant on the 66,000m² (20,000 pyeong) lot in the Thilawa Special Economic Zone near Yangon, the largest economic city of Myanmar. Its subsidiary Gaon Cable and LS Cable & System Asia invested 50% respectively.
LSGM is the largest power cable plant in Myanmar. 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 industrialization and urbanization, 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.
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,” said 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.”
Sang-hwa Lee, Korean Ambassador of Myanmar said, “LS Cable & System’s decades-long experiences and proven records of world class technology will make significant contributions when Myanmar is working around the clock to modernize its energy mix and upgrade its nation-wide grid system.”
LS Cable & System recently increased local investments through LS Cable & System Asia, No. 1 in the Vietnamese cable market, and established a joint venture in Indonesia in a bid to aggressively target the ASEAN market where power consumption is rapidly rising.