LS Strengthens Infrastructure Development Cooperation with Indonesia... Chairman Gu Ja-eun: "Enhancing Partnership in Power and Electric Vehicles"

MOU Signing on Cooperation for Power Infrastructure Development

On the 28th, LS Group and Indonesia's state-owned electricity company PLN signed an MOU for 'Cooperation in Developing Indonesia's Power Infrastructure' at Lotte Hotel in Jung-gu, Seoul. Attendees (from left) were Darmawan Prasojo, CEO of Indonesia's state-owned electricity company PLN; Erick Thohir, Minister of State-Owned Enterprises of Indonesia; and Koo Ja-eun, Chairman of LS Group.

[Asia Economy Reporter Park Sun-mi] LS Group announced on the 28th that it signed a strategic business agreement (MOU) on "Cooperation for the Development of Indonesia's Power Infrastructure" with Indonesia's state-owned electricity company (PLN) at Lotte Hotel in Jung-gu, Seoul.

This MOU was signed following a business roundtable where Indonesian President Joko Widodo, who was visiting Korea, met with domestic companies to discuss ways to activate investment and cooperation. Attendees included Koo Ja-eun, Chairman of LS Group, Erick Thohir, Minister of Indonesia's Ministry of State-Owned Enterprises, and Darmawan Prasojo, CEO of PLN.

LS and Indonesia's electricity agency agreed to strengthen technical support and business cooperation in various fields necessary for the development and construction of Indonesia's power infrastructure, including power cables, electrical equipment, and power systems. LS plans to foster LSAGI into a comprehensive cable company capable of producing ultra-high voltage power cables through continuous investment in Indonesia.

LS's core affiliate, LS Cable & System, entered the local market in 2018 by signing a joint venture agreement to establish LSAGI with Artha Graha (AG) Group, ranked among Indonesia's top 10 conglomerates. Earlier this year, they completed a power cable factory on a 64,000㎡ (approximately 19,360 pyeong) site near Jakarta. LSAGI mainly produces overhead transmission and distribution cables and low voltage (LV) cables optimized for Indonesia's power facilities, construction, and plants.

Due to Indonesia's geographical characteristics, demand for ultra-high voltage submarine cables connecting islands is expected to increase significantly alongside industrial development. LS possesses both production and installation capabilities for ultra-high voltage submarine cables, a capability held by only about five companies worldwide, making future business partnerships in this field promising.

At the business roundtable meeting with President Joko Widodo, Chairman Koo Ja-eun said, "Indonesia is achieving rapid industrial development based on the government's economic development policies and abundant resources. In this process, LS's technology and experience can greatly contribute to building power and communication infrastructure and fostering the electric vehicle industry." He added, "I hope this will be an opportunity for Korea and Indonesia to cooperate closely and develop together."

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