KDB, LS Cable & System Sign MOU to Foster Submarine Cable Industry... 1 Trillion KRW Investment Over 5 Years

Investment in Submarine Cable Factory for Offshore Wind Power and More

[Asia Economy Reporter Kim Jin-ho] Korea Development Bank announced on the 28th that it has signed an agreement with LS Cable & System at LS Cable & System's submarine cable manufacturing plant located in Donghae-si, Gangwon-do, for the 'Industry-Finance Cooperation Program to Foster the Submarine Cable Industry.'

LS Cable & System is the top cable manufacturer in Korea and one of the top five global submarine cable makers. Recently, it has consecutively secured exclusive contracts for submarine cable projects in Taiwan, enhancing its global competitiveness in the offshore wind power market, where importance is increasing as a green energy source.

KDB plans to strengthen the competitiveness of the submarine cable industry, an essential element for offshore wind power, and support the government's carbon neutrality efforts on the ground through mid- to long-term financial cooperation worth 1 trillion KRW over the next five years for the planned expansion of the Donghae submarine cable factory and overseas investments.

Lee Dong-gull, Chairman of Korea Development Bank, emphasized, “Globally, the energy paradigm is actively shifting to renewable energy-based sources in response to carbon neutrality and climate change. We will contribute to accelerating the energy transition by strengthening the foundations across industries to expand the use of renewable energy in the future.”

Meanwhile, this business agreement is the fifth Industry-Finance Cooperation Program, supporting restructuring into future and advanced industries and strengthening industrial competitiveness through mid- to long-term financial cooperation with representative companies in core industries.