Photograph) A commemorative photo taken after the signing of the ‘Business Agreement for Fostering the Rare Earth and Electric Drive Industry’ at the head office of the Export-Import Bank of Korea in Seoul on the 23rd. From right, Koo Bon-kyu, CEO of LS Cable & System, Yoon Hee-sung, Chairman & CEO of the Export-Import Bank of Korea, and Lee Sang-ho, CEO of LS Eco Energy.

■ Export-Import Bank's customized financial support to strengthen competitiveness of new growth engines
■ To establish Korea's first rare earth permanent magnet value chain 
■ LS EVC to expand core parts business for EVs and UAM


LS Cable & System (CEO Koo Bon-kyu) and LS Eco Energy (CEO Lee Sang-ho) announced on the 25th that they signed an MOU for the promotion of the rare earth and electric drive industry with the Export-Import Bank of Korea (Chairman & CEO Yoon Hee-sung) on the 23rd.

With this MOU, the three companies agreed to strengthen information sharing and financial support for rare earth permanent magnets and electric drive systems (power transmission devices such as drive motors and inverters). 

LS Cable & System is building Korea’s first rare earth permanent magnet value chain in cooperation with LS Eco Energy, and is also expanding its business in copper wire for use in EV and UAM (urban air mobility) drive motors through LS EVC.

LS Cable & System is considering investing approximately KRW 700 billion in these new growth engine projects and plans to further accelerate project pace through financial support from the Export-Import Bank of Korea. 

The Export-Import Bank of Korea plans to actively review step-by-step, customized financial support by utilizing the supply chain stabilization fund to be established in accordance with the Basic Act on Supporting Supply Chain Stabilization for Economic Security.

"The support from the Export-Import Bank of Korea will provide an important foundation for strengthening the competitiveness of new businesses,” said Koo Bon-kyu, CEO of LS Cable & System. “We will contribute to stabilizing the domestic supply chain and take the lead in the global market."

Yoon Hee-sung, Chairman & CEO of the Export-Import Bank of Korea, said, "This agreement will serve as an important foundation for supporting the internalization of supply chains and strengthening the global competitiveness of Korean companies that are active in cutting-edge industries.”
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