South Korea’s cable maker LS Cable and System Asia on Tuesday said it broke ground on the local cable manufacturing facility in Myanmar.
LS C&S Asia is expected to complete construction of the cable factory by November next year. The 19,800-square-meter factory will be built in the Thilawa Special Economic Zone.
LS C&S Asia’s cable manufacturing facility there would first focus on producing low-voltage cables to cover demand in the local market.
(LS C&S Asia)
Fifty percent of cable demand in Myanmar relies on imports. The cable market in Myanmar is expected to post an annual growth rate of 10 percent.
“LS C&S Asia plans to make a series of investments in the factory and add facilities to produce mid- and high-voltage cables in the future,” said Shin Yong-hyun, CEO of LS Cable & System Asia.
To construct the cable facility, LS C&S Asia and its subsidiary Gaon Cable in May forged the joint venture LS-Gaon Cable Myanmar, with $18 million of investment.
By Shim Woo-hyun (ws@heraldcorp.com)
