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SEOUL -- LS Cable & Systems, a major South Korean cable maker, has agreed with M.A.N. International Contracting, an Egyptian Egyptian powerline installation specialist, to establish a joint venture for the production of overhead cables. It would be used by the South Korean company to expand shipments to Africa, Europe and the Middle East.
A joint venture plant will be built in an industrial city near Cairo by the end of 2020. The demand for power lines in the region is growing due to urbanization, but Egypt maintains high tariffs. LS Cable will produce overhead power lines, which are cheaper than underground cables.
LS Cable said it would secure competitiveness through the production of premium products in Egypt. "Export barriers are rising worldwide, with the protection policy for domestic powerline companies being strengthened," LS Cable president Myung Roh-hyun said, vowing to strengthen competitiveness through direct investment in major hub countries. The company has been involved in a number of overseas projects.
Lim Chang-won Reporter cwlim34@ajunews.com
Lim Chang-won cwlim34@ajunews.com
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