À̹ÌÁö È®´ë [Photo by LS Cable & System Asia Ltd.]
LS Cable & System Asia Ltd. (LS C&S Asia), a subsidiary of Korea¡¯s leading cable maker LS C&S, broke ground for a power cable manufacturing plant in Thilawa Special Economic Zone, east of the capital Yangon in Myanmar, the company said on Tuesday.
The new power cable factory commanding a space of 19,800 square meters on a land of 66,000 square meters will produce overhead wires for power transmission or distribution and low-voltage cables for buildings and houses. The company aims to complete the construction by November next year.
The company expects the new cable factory would help to significantly reduce Myanmar¡¯s heavy reliance on cable imports, which account for more than 50 percent of the country¡¯s total cable demand, and help to lower cable prices in the country, said an official at LS C&S Asia.
The Korean cable manufacturer expects its new Myanmar factory would substantially meet the burgeoning cable demand in line with rapid growth in the construction market. Myanmar¡¯s power cable market is expected to grow at about 10 percent per year.
For its business in Myanmar, LS C&S Asia established a joint venture LS-Gaon Cable Myanmmar (LSGM) with its sibling company Gaon Cable Co. under LS Group in Thilawa Special Economic Zone with an initial investment of $18 million in May.
The Asian operation of LS C&S was listed on Korea¡¯s main Korea Composite Stock Price Index market last year. Its stocks Tuesday closed 2.65 percent up at 6,580 won from the previous session.
By Woo Je-yoon and Lee Ha-yeon
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]