GANGWON-DO < invest Korea

According to The Korea Economic Daily Global Edition,

South Korea’s LS Cable & System on Thursday announced additional investment of 155.5 billion won ($117.5 million) in its plant in Donghae, Gangwon Province, to expand submarine cable output capacity.

Demand for the cable is surging as global generation of offshore wind power has taken off.

“We’re pursuing projects worth trillions of won thanks to the influence of carbon neutral policy,” a company source said. “We’ll foster submarine cable production capacity and respond to rapidly growing market demand.”

LS Cable & System also plans follow-up investment to take an early lead in the sector, and is considering not only domestic candidate sites but also those in Southeast Asia.

Building the nation’s first submarine cable plant in 2008 by the East Sea, the company has invested about 700 billion won to boost operations for the product. In May, it completed construction of Asia’s largest plant for high-voltage direct current submarine cable, Submarine Building 4.



Jeong-Soo Hwang at hjs@hankyung.com

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Source: The Korea Economic Daily Global Edition (Aug.11, 2023)