LS invites ASEAN bloc's top envoys for business cooperation

LS Group Chairman Koo Ja-yeol, center, poses with 10 ambassadors to Korea from the ASEAN Committee in Seoul at LS Yongsan Tower in Seoul, Thursday. Courtesy of LS Group

By Kim Jae-heun

LS Group invited members of the ASEAN Committee in Seoul to LS Yongsan Tower, Thursday, for a briefing about its global business and to discuss ways to cooperate with ASEAN countries for new business opportunities.

The committee is made up of ambassadors to Korea from the 10 Southeast Asian countries ― Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

LS Group Chairman Koo Ja-yeol, LS Electric CEO Koo Ja-kyun and LS Mtron Chairman Koo Ja-eun participated in the event along with two more executives. All 10 ASEAN ambassadors joined the event.

“ASEAN is a very important market for Korean companies including LS and that importance will continue to mount as their membership countries have endless potential for growth,” LS Group Chairman Koo said during his welcoming speech. “Just as LS has contributed to the development of infrastructure in the early stages of industrialization in South Korea, we hope to contribute to the economic development of ASEAN countries.”

LS Group operates 12 manufacturing and sales corporations in ASEAN countries under the names LS Cable, LS Electric, LS Nikko Copper, LS Mtron and E1. They trade in power cables, power devices, copper, tractors and connectors for mobile phones ― with annual sales worth 3.5 trillion won in the ASEAN countries. This accounts for about 20 percent of the company's overseas revenue.

ASEAN member nations have a high rate of economic growth and growth potential, above the world average of 3 percent. The Korean government is seeking to strengthen its economic exchanges and cooperation with Southeast Asian countries through its New Southern Policy initiative. LS Group expects to continue its profit growth in the region based on its long-term business experience there.

Starting in Vietnam in 1996, LS Group has invested nearly $150 million to establish electric cable manufacturers in Malaysia, Indonesia and Myanmar. It has a plan to spend $100 million more to erect new factories and expand existing facilities.

Meanwhile, as its business thrives in ASEAN countries, LS has been sponsoring a Vietnamese professional football club in the first division. It has also been sending company officials and university students to perform community service in Vietnam, India, Bangladesh and Cambodia since 2007.