GANGWON-DO < invest Korea

According to Yonhap News,

Donghae-si, Gangwon-do said on February 23 that it signed a sales contract of Block 3 in Songjeong General Industrial Complex, with LS Cable & System.

Songjeong General Industrial Complex consist of 3 blocks were designated and announced in 2008, which obtained construction permission in 2010.

The city, for sales of 51,778㎡ of 3 blocks, made announcement and received applications from those who wanted to be tenants in January, and selected LS Cable&System.

LS Cable & System purchased Block 1 &2 in Songjeong Industrial Complex from Gangwondo Development Corporation in 2010, producing submarine cables.

Its plant in Donghae is Korea's only high-pressure submarine cable producer, by investing KRW 340 billion since 2008, hiring more than about 500 people, revitalizing local economy.

This company is equipped with Asia's largest submarine cable production capacity.

This additional purchase for plant site appears to be a pre-emptive move to respond to market growth with increasing demand for submarine cable, as countries in Europe, Middle East, and Asia expands construction of offshore wind farms.

3 Block is said to be expected to make investment of about KRW 80 billion by 2025, for construction of cable storage facilities, submarine support plant, logistics warehouse, and research support facility, among others.

Meanwhile, the city said the LS has been supporting the socially underprivileged by providing Donghae residents scholarship (KRW 500 million), local culture promotion fund (KRW 500 million), culture and tourism fund (KRW 1 billion), and the fundraising for the less fortunate and other donation (KRW 1 billion).

yoo21@yna.co.kr

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Source: Yonhap News (February 23, 2022)