Largest Cable Factory in Fast-growing Myanmar
LS Cable & System announced on Nov. 14 that it has completed LS-GAON Cable Myanmar (LSGM), a power cable factory in Myanmar.
The new plant was constructed on a site in the Thilawa Special Economic Zone near Yangon, Myanmar's largest city. It cost about $22 million, which was financed jointly by GAON CABLE Co. and LS Cable & System Asia, which are both subsidiaries of LS Cable & System.
Due to rapid industrialization and urbanization, the power cable market in Myanmar is growing more than 10% on average annually. But the country relies on imports for more than 60% of its power cable demand.
LS Cable is planning to first produce free air cables and construction cables at its new plant and expand them to medium-pressure (MV) and high-pressure (HV) cables.
"Myanmar has high growth potential and can be compared to Vietnam 10 years ago," said Myeong No-Hyeon, president of LS Cable & System. “We will make LSGM the No. 1 company in Myanmar’s cable market as it excels local companies in terms of production facilities and capability.”
LS Cable is planning to step up marketing efforts, focusing on electric power stations and construction companies.