Exploring Digital Transformation in Manufacturing at the Government Level
LS Electric: "Securing Market Leadership and Expanding Business"
LS Electric is intensifying its focus on Taiwan, a key market in ASEAN (Association of Southeast Asian Nations), by promoting eco-friendly energy efficiency solutions.
On the 27th, LS Electric announced that it signed a Memorandum of Understanding (MOU) on cooperation in the eco-friendly power equipment and energy efficiency solutions business with Taiwan’s Nanya Plastics (NANYA) at their headquarters in Taipei, Taiwan.
LS Electric signed a memorandum of understanding (MOU) on business cooperation on the 26th at the headquarters of Nanya Plastics (NANYA) in Taipei, Taiwan. From the right, Kim Jong-woo, President of LS Electric; Koo Ja-kyun, Chairman of LS Electric; Park Woo-beom, Head of LS Electric K-New Power Business Division; and Wu Jiazao, Chairman of Nanya Plastics (third from the left) are posing for a commemorative photo. Photo by LS Electric
The signing ceremony held the previous day was attended by Koo Ja-kyun, Chairman of LS Electric, and Wu Jia-jiao, Chairman of Nanya Plastics, along with other representatives from both companies. They discussed joint cooperation plans in the rapidly growing eco-friendly power equipment market, driven by the Taiwanese government’s push for digital transformation in manufacturing and eco-friendly policies.
Nanya Plastics plans to leverage its local business network to supply LS Electric’s digital and eco-friendly power equipment to major industrial complexes and strengthen brand awareness in the local power market through technological cooperation. LS Electric will provide smart power equipment that integrates information and communication technology (ICT) with existing power devices, as well as eco-friendly power solutions using environmentally friendly insulating materials. The scope of cooperation will also expand to renewable energy industries such as energy storage systems (ESS) and manufacturing innovation technologies represented by smart factories.
Founded in 1958, Nanya Plastics is Taiwan’s largest petrochemical and materials company. It primarily produces plastics and polyester, along with chemical products. Recently, it has expanded its portfolio into materials such as copper foil and is recognized as the world’s second-largest company in this sector, securing an annual copper foil production capacity of 139,400 tons.
The Taiwanese government is promoting a “high-intensity carbon neutrality policy” to increase the share of renewable energy to 70% of the total power generation by 2050. Alongside this, it is driving the “digital transformation of manufacturing” to build a sustainable industrial ecosystem, including eco-friendly power facilities and energy efficiency solutions such as ESS.
With investments in power infrastructure for stable power system operation, including ESS and digital-based smart grids, at both government and private levels, the related market is expected to grow rapidly.
LS Electric’s strategy is to accelerate its local market penetration by combining its global-level smart power solutions and overseas renewable energy business expertise with its partnership with Nanya Plastics.
An LS Electric official stated, “This is the optimal time to contribute to Taiwan’s manufacturing digital transformation and the establishment of a sustainable power industry ecosystem, as well as to secure a foothold in the local market. We will speed up business expansion using Taiwan, which is rapidly growing as a core market for power infrastructure such as eco-friendly power equipment in the ASEAN region, as a bridgehead.”
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