LS Cable & System Strengthens Position as a Global Company... Announces 'Vision 2030'

Chairman Gu Ja-yeop: "For Change to Succeed, Thorough Preparation Based on an Active and Autonomous Corporate Culture Is Essential"

Gu Ja-yeop, Chairman of LS Cable & System, is delivering a commemorative speech at the 'Vision 2030 Proclamation Ceremony' held on the 3rd at LS Tower in Anyang-si, Gyeonggi-do.

[Photo by LS Cable & System]

[Asia Economy Reporter Ki-min Lee] LS Cable & System announced its ‘Vision 2030’ on the 3rd to strengthen its position as a global company beyond Asia and to innovate its business model.

At around 11 a.m. on the same day, Koo Ja-yeop, Chairman of LS Cable & System, said at the ‘Vision 2030 Proclamation Ceremony’ held at LS Tower in Anyang, Gyeonggi Province, “Vision 2030 is the compass that will lead LS Cable & System’s new decade,” adding, “For change to succeed, thorough preparation based on a proactive and autonomous corporate culture is essential.”

Recently, the cable industry has faced intensified price competition as countries strengthen policies to protect domestic companies and the technology gap between leading and emerging companies narrows. However, LS Cable & System explained that factors such as ▲ renewable energy development ▲ the Fourth Industrial Revolution ▲ 5G network construction ▲ expansion of power and communication infrastructure due to industrialization and urbanization in developing countries could be opportunities for growth, which led to the announcement of a new vision for change and challenge.

LS Cable & System plans to break away from a business structure where Asia and the Middle East account for more than 90% of sales and pursue balanced global growth. To this end, it will expand investments focusing on Europe, the Americas, Africa, and Latin America, and nearly double its overseas bases, including production and sales subsidiaries, from the current 23 to about 40.

The company will also promote business model innovation centered on high value-added services. For example, instead of selling cable products alone, it plans to provide comprehensive services necessary for power and communication network construction, including engineering, construction, maintenance, and consulting. LS Cable & System also stated that it will foster new businesses such as electric vehicle parts and continuously review entry into renewable energy markets like wind and solar power.

LS Cable & System aims to improve productivity across its business through digital foundations. By shortening development periods via digital platforms and analyzing customer usage patterns using big data, it will provide customized services.

The company is also undertaking corporate culture innovation. It plans to establish an autonomous and responsible management system centered on business divisions, enabling each division to make swift, field-oriented decisions and take proactive actions. Furthermore, it pledged to fulfill its role as a corporate citizen through fair corporate management and continuous social contribution activities.

This content was produced with the assistance of AI translation services.