Gu Ja-yeol, Chairman of LS Group, Invites ASEAN Ambassadors in Korea... Discusses Business Cooperation

[Asia Economy Reporter Su-yeon Woo] Koo Ja-yeol, Chairman of LS Group, invited ASEAN ambassadors to Korea on the 22nd to discuss mutual cooperation at the national level for expanding ASEAN business.

On this day, Chairman Koo invited the 'ASEAN Committee in Seoul,' composed of 10 ASEAN country ambassadors to Korea, to the LS Yongsan Tower, explained the current status of LS Group's business, and discussed new businesses in the post-COVID-19 era.

Attending from LS were Chairman Koo Ja-yeol, Koo Ja-gyun, Chairman of LS Electric, Koo Ja-eun, Chairman of LS Mtron, Lee Kwang-woo, Vice Chairman of LS Corporation, and Choi Soon-hong, Senior Advisor of LS Electric. From ASEAN, 10 member country ambassadors attended, including Rommani Kananurak, Ambassador of Thailand to Korea, Eric Teo, Ambassador of Singapore to Korea, and Nguyen Vu Tung, Ambassador of Vietnam to Korea.

In his welcoming remarks, Chairman Koo said, "ASEAN is a very important market for Korean companies including LS, and its importance will grow even more due to ASEAN's boundless growth potential. Just as LS contributed to infrastructure development in the early industrialization of Korea, I hope we can also contribute to the economic development of ASEAN countries."

Koo Ja-yeol, Chairman of LS Group

LS Group operates 12 production and sales subsidiaries in ASEAN, centered on LS Cable & System, LS Electric, LS Nikko Copper, LS Mtron, and E1, trading with ASEAN countries in power transmission and distribution cables, power equipment, electric copper, tractors, and mobile phone connectors worth approximately KRW 3.5 trillion annually. This accounts for about 20% of LS's overseas sales.

Starting with its entry into Vietnam in 1996, LS has invested about USD 150 million (approximately KRW 170 billion) by establishing power cable factories in Malaysia, Indonesia, Myanmar, and others. There are also plans for an additional investment of about USD 100 million (approximately KRW 110 billion) for expanding existing factories and establishing new ones within ASEAN.

Since last year, LS has been the official sponsor of the Vietnamese professional football first division league. Since 2007, as part of its global social contribution activities, LS has selected and dispatched LS employees and university students as the LS University Student Overseas Volunteer Group to countries including Vietnam, India, Bangladesh, and Cambodia. LS has also contributed to improving educational infrastructure in Vietnam by constructing a total of 16 elementary school classrooms in five Vietnamese provinces.

Chairman Koo personally served as the Honorary Consul of Vietnam in Korea from 2010 to 2014, acting as a private diplomat between Korea and Vietnam. Since February this year, he has been serving as the Chairman of the Korea International Trade Association, helping domestic companies expand overseas.