LS Group Discusses Business Cooperation With Ambassadors From GCC Member Countries
By Jung Suk-yee
LS Group Chairman Koo Ja-eun invited ambassadors to Korea from five Gulf Cooperation Council (GCC) member countries to LS Yongsan Tower in Seoul.
On Oct. 11, LS Group invited ambassadors to Korea from five Gulf Cooperation Council (GCC) member countries to LS Yongsan Tower in Seoul, while expecting to land orders for large-scale projects from major oil-producing countries thanks to recent high oil prices. A presentation on future business technologies was made and cooperation was discussed.
The GCC is a regional organization formed in 1981 by six Arab oil-producing countries including the United Arab Emirates (UAE), Oman, Saudi Arabia, Qatar, Kuwait, and Bahrain. It aims to promote cooperation in economic and security issues.
Ambassadors from five countries, except for Bahrain with no embassy in Korea, visited the event.
LS Group Chairman Koo Ja-eun and presidents of LS Group affiliates introduced solutions for upgrading the manufacturing industry of GCC countries, such as smart factories, ultra-high voltage submarine cables and photovoltaic power generation, building electric power infrastructure, and converting to new and renewable energy.
LS Group runs a total of four sales corporations and branches in GCC countries, focusing on LS Cable & System, LS Electric and E1. Among them, LS Cable & System has the No. 1 market share in the power cable market in the Middle East including GCC countries.
In addition, LS Cable & System won an order for a power grid construction project worth 112.5 billion won in Kuwait to be carried out over the past four years and a submarine cable construction project worth 100 billion won in Bahrain. LS Electric is expected to rack up about 42 billion won in sales in power grid construction projects in GCC countries this year.
