LS Cable & System held a ceremony for the completion of a power cable factory, named the LSGM (LS-Gaon Cable Myanmar), in Myanmar on Nov. 14.
LS Cable began to construct a factory on a 19,800 square meters site in the Thilawa economic special zone in November 2017 by pouring $22 million (about $25 billion). LG Electronics' subsidiaries Gaon Cable Co. and LS Cable & System Asia invested 50 percent each.
LSGM is the largest power cable factory in Myanmar, and LS Cable is planning to strengthen marketing activities for the local power administration and construction companies.
With the rapid industrialization and urbanization of Myanmar, the power cable market is growing more than 10 percent annually. However, it imports 100 percent of processing cables used for transmission infrastructure, and over 60 percent of the total power cables.
LSGM is planning to first produce processing cables and construction cables and expand its business to MV and HV cables in the future.
"Myanmar has high growth potential like Vietnam 10 years ago. LSGM will occupy the market ahead of its local counterparts by working with its head office and establish itself as Myanmar's No.1 cable company within five years," said CEO Myung Noh-hyun of LS Cable.