LS Cable & System won big cable projects from Taiwan and Kuwait this year. In particular, the company landed four submarine cable supply contracts worth 400 billion won from Taiwan this year.
Taiwan is pursuing a policy to suspend nuclear power generation by 2025 and replace it with power generation based on new and renewable energy. The global submarine cable market is growing rapidly and companies in Europe and Japan are competing fiercely for a larger share of the market. LS Cable & System has proved its technological prowess by winning large-scale contracts.
LS Cable & System won a 115.5-billion-won power grid project for a large new city in Kuwait in June. In October last year, the company received a turnkey contract for an ultra-high voltage cable project worth 140 billion won from the Bahrain Power Authority. The company explained that it has been leading the market for ultra-high voltage cables by successfully carrying out large projects in the Middle East.
In addition, LS Cable & System recently secured its first production base in Africa by setting up a power cable joint venture in Egypt in a move to step up its efforts in Africa and the Middle East. The company has 11 overseas production subsidiaries in the United States, China, Vietnam and Poland.