■ Will dominate the Myanmarese power cable market with price competitiveness and the best customer response capabilities
■ Power cable demand increasing rapidly in Myanmar according to high economic growth
LS Cable & System Asia has started construction of a cable plant in Myanmar and is accelerating entry to the local market.
On the 14th (10:00 a.m., local time), LS Cable & System Asia held a groundbreaking ceremony for a plant in Myanmar with LS Cable & System Asia CEO Yong-hyun Shin, GAON CABLE CEO & President Jae-in Yoon and LS–GAON Cable Myanmar (LSGM) President Tae-won Son attending.
LS Cable & System Asia’s strategy is to dominate Myanmar’s power cable market in advance by manufacturing products in the country by securing price competitiveness and customer response capabilities.
In May, LS Cable & System Asia established LSGM (LS–GAON Cable Myanmar) through a joint venture with GAON CABLE, an affiliate of LS Group, and invested a total of $18 million into building a plant in a special economic zone in Thilawa, which is located south of Yangon, the capital of Myanmar.
The plant will be built to a scale of 19,800m² over a site measuring 66,000m². This plant, which is scheduled for completion by November next year, will be used to produce mainly overhead cables for power infrastructure and low-voltage (LV) cables used in commercial and residential buildings.
Myanmar is going through a phase of high economic growth so the power cable market is naturally expected to grow by an average of over 10% a year. In particular, the construction business is booming especially in the special economic zones, and, as a result, demand for power cables is increasing rapidly. However, Myanmar has so far been meeting more than 50% of its cable demand through importation.
LS Cable & System Asia CEO Yong-hyun Shin said, “Through phased investment, we will expand our business to high-voltage (HV) and middle-voltage (MV) cables and communication cables. By doing so, we will write yet another success story following the one in Vietnam.”
LS Cable & System entered the Vietnamese market in 1996 and has grown to be the No. 1 general cablemaker in that country. LS Cable & System Asia is a holding company for the two Vietnamese branches of LS Cable & System. LS Cable & System Asia’s sales this year are expected to increase by more than 20% from last year, and thus be the largest on record.