LS Cable & System is to expand its submarine cable manufacturing business and invest KRW186Bn (US$0.16Bn) in its plant in Donghae City
The company will build a new submarine cable facility at its production centre in Donghae. Construction will begin in October 2021 and is due to be completed in April 2023. The new facility for submarine cables will increase the company’s production capacity more than 1.5 times.
LS Cable & System president and chief executive Myung Roe-Hyun said, “As countries around the world increase investment in renewable energy, so the submarine cable market is also growing.
The plan will also provide a boost to the local economy. A company official said, “We considered overseas business sites, such as Vietnam and China, for additional investment, but we opted for Donghae City in view of the active corporate support policies of Gangwon-do and Donghae City.”
LS Cable & System built South Korea’s first submarine cable plant in Donghae City in 2008 and has invested about KRW340Bn to date, developing it as a plant specialising in submarine cables.
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