LS Cable & System enters into agreement with Korea Development Bank for promotion of the submarine cable industry

LS Cable&System2021-10-29

<Photograph> LS Cable & System Chairman Cha-Yub Koo and Korea Development Bank Chairman and CEO Dong-gull Lee sign an agreement on an industry-finance cooperation program for the promotion of the submarine cable industry at the Donghae Plant of LS Cable & System in Dobghae, Gangwon-do.


■ KDB will provide up to KRW 1 trillion for the environmentally friendly business of LS Cable & System
■ Securing stable funds for renewable energy-related equipment, R&D investment, etc.


LS Cable & System (President & CEO Roe-Hyun Myung) announced on October 28 (Thursday) that the company signed an agreement on an “industry-finance cooperation program for the promotion of the submarine cable industry” with Korea Development Bank (KDB) at the Donghae Plant of LS Cable & System.


LS Cable & System will receive funds from KDB totaling KRW 1 trillion over the next 5 years. The money will be used for its environmentally friendly business, such as submarine cables.


 “LS Cable & System is investing huge amounts of money in the submarine cable industry in line with the government's carbon neutral policy,” said the company. “We have secured stable funds necessary for equipment expansion and R&D investments.”


Cha-Yub Koo, chairman of LS Cable & System, said, “This agreement has a very important meaning in that the industry and the financial sector are recognizing the importance of the carbon neutral policy and renewable energy together, and taking the first step in cooperation.”


Dong-gull Lee, chairman and CEO of Korea Development Bank, said, “Korea Development Bank will do whatever it can to accelerate energy conversion by reinforcing the infrastructure of various industries to increase the utilization of new and renewable energy in the future.”


KDB's industry-finance cooperation program selects and supports major companies to promote a carbon neutral ecosystem. Starting with LG Chem in 2019, KDB has entered into agreements with SK Hynix, Hanwha Group, etc., for the promotion of secondary cells, semiconductors and the green energy industry.